45-508 - Hold Period for Securities Issued by an Exchange Issuer under Section 74(2)(18) of the Securities Act [BCI - Rescinded]

BRITISH COLUMBIA SECURITIES COMMISSION

BC INSTRUMENT 45-508

Effective February 28, 2001, the British Columbia Securities Commission made BC Instrument 45-508 entitled "Hold Period for Securities Issued by an Exchange Issuer under section 74(2)(18) of the Securities Act" (the original instrument).

The Commission, having considered that to do so would not be prejudicial to the public interest, orders that effective November 30, 2001:

1. the attached BC Instrument 45-508 entitled "Hold Period for Securities Issued by an Exchange Issuer under section 74(2)(18) of the Securities Act " is made; and

2. the original instrument is revoked.

November 23, 2001.

Douglas M. Hyndman
Chair

(This part for administrative purposes only and is not part of the Order)

Authority under which Order is made:
Act and sections:- Securities Act, sections 76 and 171
Other (specify):-

BC INSTRUMENT 45-508

Hold Period for Securities Issued by an Exchange Issuer
under Section 74(2)(18) of the Securities Act

Order Under Section 76 of the Securities Act

Exemptions

1. Section 61 of the Securities Act does not apply to a distribution by the holder of a security of an exchange issuer issued under section 74(2)(18) of the Act before November 30, 2001, if

(a) 12 months have elapsed from the earlier of the date that the

(i) issuer has issued a news release disclosing that the issuer has entered into a binding agreement entitling the issuer to acquire title to the property for which the security was issued, subject only to acceptance by the Canadian Venture Exchange Inc., or

(ii) the Canadian Venture Exchange Inc. has accepted the issuer's signed agreement entitling the issuer to acquire the property interest for which the security was issued;

(b) the trade is not a control distribution;

(c) no unusual effort is made to prepare the market or to create a demand for the securities that are the subject of the trade;

(d) no extraordinary commission or consideration is paid to a person or company in respect of the trade; and

(e) if the selling securityholder is an insider or officer of the issuer, the selling securityholder has no reasonable grounds to believe that the issuer is in default of the Act or Rules.

2. Where an exchange issuer before November 30, 2001 complied with:

(a) BCI 45-506 In the Matter of the System for Shorter Hold Periods with an Annual Information Form; and

(b) Local Policy Statement 3-27 System for Shorter Hold Periods with an Annual Information Form and Exemption for Certain Distributions Outside of British Columbia;

the 12 month period referred to in paragraph 1(a) of this Instrument is reduced to 4 months.

3. This instrument will expire on November 30, 2002.