BCSC settles with mining company president for reporting deficiencies
Vancouver - The British Columbia Securities Commission (BCSC) has reached a settlement agreement with the president of a junior mineral exploration company that filed a deficient technical report.
Carl Vance Loeber is the president and a director of Nickel One Resources Inc., a junior mineral exploration company with shares listed on the TSX Venture and Frankfurt exchanges.
In the settlement, Loeber admitted that Nickel One's disclosure triggered the requirement to file a new technical report for a mineral property it acquired in February 2017. Despite that requirement under National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), Loeber only obtained a new report after BCSC staff advised him of the obligation.
When the new report was filed in April 2017, it disclosed mineral resources and technical information improperly, and a qualified person responsible for preparing the new report had not conducted a current inspection of the newly acquired property as required under NI 43-101.
Despite knowing from at least July 2017 that the new report was deficient, Nickel One did not issue a retracting news release until mid-September 2017.
Loeber has agreed to undertake further training and education with respect to the requirements of NI 43-101 and the duties and responsibilities of directors and officers of public companies. He must complete the courses of study by September 28, 2019 and provide proof in writing of attendance and successful completion to the BCSC Executive Director.
You may view the settlement agreement on our website www.bcsc.bc.ca by typing Carl Vance Loeber or 2018 BCSECCOM 291 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
The Canadian Securities Administrators maintains national databases for disciplined persons and firms and cease trade orders. These databases include all persons in Canada disciplined for securities trading offences.
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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