Settlements

Nuspar Resources Ltd. [Sec. 145.1]

BCSECCOM #:
Document Type:
Sec. 145.1
Published Date:
1989-06-28
Effective Date:
1989-06-28
Details:


Nuspar Resources Ltd. (Re)
IN THE MATTER OF the Securities Act, S.B.C. 1985, c. 83
AND IN THE MATTER OF Nuspar Resources Ltd.
AND IN THE MATTER OF Daniel Eric Byer
Section 145.1 Order
G.D. Mulligan
June 28, 1989

ORDER:-- WHEREAS an Agreed Statement of Facts and Undertaking was executed by Daniel Eric Byer ("Byer") and the Superintendent of Brokers (the "Superintendent") a copy of which is attached hereto as Schedule "A";

NOW THEREFORE the Superintendent, considering that it would be in the public interest to do so, orders that pursuant to Section 145.1 of the Securities Act S.B.C. 1985, c. 83, as amended (the "Act"), Byer is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of one year commencing on the date of this Order.

G.D. MULLIGAN
Deputy Superitendent


SCHEDULE "A"
IN THE MATTER OF THE SECURITIES.ACT
S.B.C. 1985, c. 83, AS AMENDED
AND IN THE MATTER OF NUSPAR RESOURCES LTD.
AND IN THE MATTER OF DANIEL ERIC BYER
AGREED STATEMENT OF FACTS AND UNDERTAKING

The following agreement has been reached between Daniel Eric Byer ("Byer"), and the Superintendent of Brokers ("Superintendent");

1.BYER HEREBY CONSENTS to an order of the Superintendent pursuant to Section 145.1 of the Securities Act S.B.C. 1985, c. 83, as amended ("Act") in the form annexed hereto.
2.As the basis for prohibition from becoming or acting as a director or officer of any issuer pursuant to Section 145.1 of the Act, Byer acknowledges that the facts set forth in this paragraph are correct:
(a)From February 3, 1988 to November 17, 1988 Byer was a director of Nuspar Resources Ltd. ("Nuspar").
(b)News releases issued by Nuspar between December 16, 1986 and May 24, 1988 ("News Releases") contained statements which were misrepresentations within the meaning of the Act.
(c)On June 9, 1988, Byer and other Nuspar directors attended a meeting with officials of the Vancouver Stock Exchange to review Nuspar's disclosure and technical data regarding the status of its Mt. Vernon prospect. The Exchange advised that the News Releases were unacceptable and an engineering report by an independent engineer ("Report") was required to clarify the status of the prospect and provide the basis for a factual news release.
(d)Subsequent to June 9, 1988 Nuspar engaged Peter A. Christopher, Ph.D., P.Eng., to prepare the Report which he provided to Nuspar on or about July 4, and 11, 1988. Dr. Christopher concluded in his July 4, 1988 report that his chip samples did not support previously reported significant gold values, and that no additional advanced exploration should be conducted until the presence of significant gold was confirmed and certified by a qualified professional. He recommended in his July 11, 1988 report refereed resampling of pits and/or refereed drill holes, to be done by a professional engineer acceptable to Nuspar and the Exchange.
(e)Nuspar did not make the contents of Dr. Christopher's July 4 and 11, 1988 reports known to the Exchange or to the public in a willing or timely manner.
(f)Byer acknowledges that, having been put on notice of the Exchange's concerns in the June 9, 1988 meeting, as a director of the company he ought to have overseen Nuspar management's acquisition and disclosure of the Report.
3.Byer waives his right to a hearing and review by the British Columbia Securities Commission pursuant to Section 149 of the Act with respect to the Order.
4.Byer hereby agrees to pay to the order of Her Majesty the Queen in right of the Province of British Columbia represented by the Minister of Finance the sum of $1,000 for costs of this investigation.
Dated the 23rd day of June, 1989, at Vancouver, British Columbia

D.E. BYER

W. NESMITH
Deputy Superintendent, Compliance and Enforcement