News Release

Vancouver – The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that William Raymond Malone, a B.C. resident, breached a settlement order prohibiting him from engaging in investor relations activities and being a director or officer of any issuer.

The notice states that on January 29, 2009, Malone entered into a settlement agreement with the BCSC. As part of the settlement, Malone was subject to an order prohibiting him from acting as a director/officer of any issuer and engaging in investor relation activities before the later of January 29, 2012, or the date Malone successfully completed a course of study satisfactory to the Executive Director concerning the duties and responsibilities of directors and officers.

To date, Malone has not completed the required course of study. As such, the order remains in effect.

BCSC staff alleges that Malone contravened the order by acting as a de facto director of Lion King Resources Inc. (LKR) when he signed cheques on behalf of LKR (including cheques payable to himself), commissioned a technical report on behalf of the company in 2011, and participated in negotiations on LKR’s behalf, among other things. LKR is a private B.C. company that was in the business of promoting and developing an iron ore property in the Atacama region of Chile, called Ramadilla.

Staff also maintains that Malone breached the order by conducting investor relations on behalf of LKR. The notice alleges that Malone solicited at least one investor, a B.C. resident, to purchase LKR securities in July 2010. Malone told the investor that he personally inspected LKR’s Chile property, and showed the investor a bag full of sand containing specks of iron ore from the property. The investor purchased 33,000 shares of LKR for a value of $5,000.

These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on November 10, 2015, at 9:00 a.m.

You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing William Raymond Malone, or 2015 BCSECCOM 374 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

• A securities market that is fair and warrants public confidence
• A dynamic and competitive securities industry that provides investment opportunities and access to capital

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Richard Gilhooley, Media Relations
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