Settlements

Nuspar Resources Ltd., et al. [Sec. 145.1]

BCSECCOM #:
Document Type:
Sec. 145.1
Published Date:
1989-06-30
Effective Date:
1989-06-30
Details:


Nuspar Resources Ltd. (Re)
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 Konrad Karl Breuers
Section 145.1 Order
N. de Gelder
June 30, 1989

ORDER:-- WHEREAS an Agreed Statement of Facts and Undertaking was executed by Konrad Karl Breuers ("Breuers") and the Superintendent of Brokers ("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 ("Act"), Breuers is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 2 years commencing on the date of this Order.

N. de GELDER
Superintendent of Brokers


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 KONRAD KARL BREUERS
AGREED STATEMENT OF FACTS AND UNDERTAKING

The following agreement has been reached between Konrad Karl Breuers ("Breuers") and the Superintendent of Brokers ("Superintendent");

1.BREUERS 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 the prohibition from becoming or acting as a director or officer of any reporting issuer pursuant to Section 145.1 of the Act, Breuers acknowledges that the facts set forth in this paragraph are correct:
(a)From April 9, 1988 to October 31, 1988 Breuers 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, Breuers and other Nuspar directors attended a meeting with officials of the Vancouver Stock Exchange ("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 that 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. Breuers accompanied Dr. Christopher on a site examination at which time certain chip samples were taken.
(e)Dr. Christopher provided reports to Nuspar on or about July 4 and 11, 1988. He 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.
(f)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.
(g)Breuers acknowledges that he was at all material times aware of Dr. Christopher's July 4 and 11, 1988 reports and their contents, and that having been put on notice of the Exchange's concerns in the June 9, 1988 meeting he failed to exercise the degree of care, diligence and skill required of him as a director to oversee their proper and timely disclosure.
3.Breuers 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.
DATED the 30th day of June, 1989 at Vancouver, British Columbia.

"K.K. BREUERS"

N. de GELDER
Superintendent of Brokers