Decisions
Imperial Metals Corporation, et al. [Ruling]
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BCSECCOM #:
2006 BCSECCOM 646
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Document Type:
Ruling
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Published Date:
2006-11-09
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Effective Date:
2006-11-09
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Details:
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2006 BCSECCOM 646
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2006 BCSECCOM 646
Imperial Metals Corporation, CAT-Gold Corporation,
and bcMetals Corporation
Sections 114 and 161 of the Securities Act, RSBC 1996, c. 418
Ruling
and bcMetals Corporation
Sections 114 and 161 of the Securities Act, RSBC 1996, c. 418
Ruling
Background
¶ 1 On September 27, 2006, Imperial Metals Corporation (through its subsidiary CAT-Gold Corporation) made an offer to purchase the common shares and out-of-the-money warrants of bcMetals Corporation. The offer was to expire on November 2, 2006.
¶ 2 On November 2, 2006, Imperial extended the offer to November 14, 2006.
¶ 3 On November 3, 2006, Imperial made an application to the Commission related to a rights plan initiated by bcMetals.
¶ 4 On November 6, 2006, bcMetals made an application to the Commission raising concerns about whether Imperial’s take up of securities complied with the Act.
¶ 5 Imperial announced the termination of its bid on November 8, 2006. On November 8, 2006, bcMetals applied to adjourn the hearing. Imperial and the Executive Director oppose the application.
Ruling
¶ 6 The panel refuses the application. The hearing will proceed as scheduled on November 10, 2006, at 9 am.
¶ 7 November 9, 2006
Robin E. Ford
Commissioner
John K. Graf
Commissioner
Kenneth G. Hanna
Commissioner