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Securities Law

NIN 96/18 - Extension of Transitional Relief For Certain Offerings By Way of Statement of Material Facts [NIN - Rescinded]

Published Date: 1996-06-21
Effective Date: 1996-06-14
The Commission is issuing Blanket Order #96/12. BOR#96/12 extends and modifies, in certain limited circumstances, the transitional relief for the distribution of securities qualified by a Statement of Material Facts ("SMF"). Transitional relief was initially provided under BOR#95/8, which described the conditions under which a distribution of securities qualified by an SMF could be completed despite the repeal of section 58(1)(c) of the Securities Act, S.B.C. 1985, c. 83.

Under BOR#95/8 relief was provided for distributions of securities that were completed on or before the earlier of August 1, 1996, and 180 days after the SMF was accepted by the Executive Director. BOR#95/8 continues to apply to all SMFs that qualify an offering by an issuer.

The relief provided under BOR#95/8 was based on the premise that the maximum offering period for distributions of securities qualified by an SMF was 180 days. It has come to the attention of the Commission, however, that under Vancouver Stock Exchange Policy 14, an SMF could qualify a distribution that was a shareholder offering for a period longer than 180 days.

Under BOR#96/12 transitional relief is provided for distributions of securities qualified by an SMF where the distribution is a shareholder offering. Provided that the SMF was filed in accordance with the requirements of BOR#96/12, the period under which shares qualified by an SMF may be distributed by selling shareholders has been extended.

DATED at Vancouver, British Columbia, on June 14, 1996.

Douglas M. Hyndman