News Release

Vancouver – The B.C. Securities Commission (BCSC) has imposed an investment market suspension on the former director of a B.C. company for failing to disclose that it had spent, or planned to spend, most of the proceeds from a private placement on consultants.

Glenn Albert Little, of Langley, was a director of Green 2 Blue Energy Corp. – which was then a renewable energy company listed on the Canadian Securities Exchange – from March 2015 to December 2018. Green 2 Blue has since changed its name to G2 Energy Corp.

In an April 2018 news release, Green 2 Blue announced a non-brokered private placement and said that the net proceeds would be used for facility upgrades, equipment purchases and general working capital. In another news release five days later, the company announced that it had closed the private placement for gross proceeds of about $4.3 million.

Green 2 Blue did not disclose in the first news release its intention to immediately spend most of the private placement proceeds on consultants, and did not disclose in the subsequent news release that it would retain only about 13 per cent of the amount raised, with the remainder being spent on consulting fees. Both failures to disclose were misrepresentations.

Green 2 Blue also filed a material change report containing the same misrepresentation as in the subsequent news release. In so doing, it made a statement or provided information in a record filed under the Securities Act that was false or misleading in a material way.

Little knew about Green 2 Blue’s intentions regarding the proceeds at the time of the news releases and material change report, and authorized, permitted or acquiesced in the company’s misconduct.

As a result of his misconduct, Little must resign any position he currently holds as a director or officer of an issuer or registrant, and is prohibited for 12 years from becoming or acting as a director or officer of a reporting issuer or registrant, from becoming or acting as a registrant or promoter, and from advising or otherwise acting in a management or consultative capacity in the securities or derivatives markets.

Little is unable to pay the monetary sanction that would normally form part of any settlement agreement.

About the B.C. Securities Commission (bcsc.bc.ca)

The B.C. Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.’s investment market, we’re committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.  

Media Contact:
Elise Palmer
604-899-6830

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

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