The applicant, Energy Fuels Inc., applied for exemptive relief from certain requirements of National Instrument 52-107 regarding acceptable accounting principles and auditing standards in connection with a significant acquisition.
The applicant sought to use International Standards on Auditing for the acquired business's financial statements, avoid reconciling those statements to Canadian GAAP, and prepare pro forma statements in accordance with IFRS.
The Ontario Securities Commission granted the requested relief, subject to conditions regarding the preparation and auditing of the financial statements and the inclusion of specific auditor statements.