Ray Kindiak

The applicant, Algonquin Capital Corporation, applied to the Ontario Securities Commission for exemptive relief on behalf of its investment funds.

The applicant sought relief from restrictions prohibiting an investment fund from investing in a related issuer or an issuer in which it is a substantial securityholder, and from restrictions on a registered adviser causing an investment portfolio to purchase securities of an issuer in which a responsible person is a partner, officer, or director.

The relief was requested to permit the applicant's top funds to invest in underlying funds managed by the applicant.

The Commission granted the requested relief, subject to conditions including that no duplicate management or sales fees are payable and that appropriate disclosure is provided to investors.

The Filer, a foreign mining company, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in Canada.

The Filer had voluntarily delisted its shares from the Canadian Securities Exchange and demonstrated that Canadian residents beneficially owned less than 2% of its outstanding securities.

The Commission was satisfied that the statutory test was met and granted the requested order.