The Filer, a Capital Pool Company pursuing a Qualifying Transaction, applied for exemptive relief to early adopt International Financial Reporting Standards (IFRS) for its financial statements for periods beginning on or after April 1, 2010.
The Filer assessed the readiness of its staff, board, audit committee, auditors, and investors, and concluded they were adequately prepared.
The Ontario Securities Commission granted the exemption, subject to conditions including the restatement and re-filing of interim financial statements and compliance with applicable IFRS-related amendments.