Settlements
Pacific Northern Ventures Ltd., et al. [Agreed Stmt]
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BCSECCOM #:
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Document Type:
Agreed Stmt
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Published Date:
1992-01-17
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Effective Date:
1992-01-13
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Details:
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IN THE MATTER OF The Securities Act, S.B.C. 1985, c. 83
AND IN THE MATTER OF Pacific Northern Ventures Ltd.
AND IN THE MATTER OF Rahoul Sharan and Daryl Lorne Pollock
Agreed Statement of Facts and Undertaking
W.D. Nesmith
January 13, 1992
AGREED STATEMENT OF FACTS AND UNDERTAKING:-- The following agreement has been reached between Rahoul Sharan ("Sharan") and Daryl Lorne Pollock ("Pollock") and the Superintendent of Brokers (the "Superintendent"):
1. |  | Pacific Northern Ventures Ltd. ("Pacific Northern") is a reporting issuer incorporated in British Columbia under the Company Act, R.S.B.C. 1979, c. 59 and its common shares are listed for trading on the Vancouver Stock Exchange (the "Exchange"); | |
2. | | at all times material to this agreement, Sharan was the Secretary and a director of Pacific Northern and Pollock was the President and a director of Pacific Northern; | |
3. | | by a treasury order executed by Sharan and Pollock, 1,200,000 shares (the "Shares") of Pacific Northern were issued on October 21, 1991. Exchange approval was required but had not been obtained for the issuance of the Shares. Sharan knew, and Pollock ought to have known, that the issuance of the Shares without Exchange approval was contrary to the provisions of the Listing Agreement between Pacific Northern and the Exchange and in contravention of the rules and policies of the Exchange. The Shares were subsequently returned to treasury at the request of the Exchange, pending regulatory approval; | |
4. | | Sharan and Pollock hereby each consent and undertake to: | |
(a) | | successfully complete, before June 1993, a course of study satisfactory to the Superintendent dealing with the duties and responsibilities of directors and officers of reporting issuers; | |
(b) | | seek such professional counsel as necessary or take such other steps as may be reasonably required, to ensure that future activities are in compliance with applicable securities legislation and policies; and | |
(c) | | personally pay to the Minister of Finance and Corporate Relations the sum of $1,000.00 in the case of Pollock and $2,000.00 in the case of Sharan, for costs of the investigation into this matter; and | |
5. | | Sharan and Pollock each waive any right he may have, under the Securities Act, S.B.C. 1985, c. 83 or otherwise, to a hearing, hearing and review, judicial review or appeal related to, in connection with or incidental to this agreement and any related orders. | |
| ----------------- | --------------------- | |
| Witness | "Rahoul Sharan" | |
| "Cheri Pedersen" | | |
| ----------------- | --------------------- | |
| Witness | "Daryl Lorne Pollock" | |
| "Cheri Pedersen" | | |
W.D. NESMITH
Superintendent of Brokers