3 total
Settlement approved for misleading and selective disclosure regarding mining concessions, including $750,000 in administrative penalties.
Staff of the Ontario Securities Commission alleged that Plateau Energy Metals Inc. made misleading statements in news releases and filings regarding the status of its mining concessions in Peru, and that its CEO and CFO authorized or acquiesced in these contraventions.
Staff also alleged the CEO made selective disclosure to certain shareholders.
The parties entered into a settlement agreement wherein the respondents agreed to pay administrative penalties totaling $750,000 and investigation costs totaling $300,000.
The Capital Markets Tribunal approved the settlement, finding it fell within a range of reasonable outcomes and was in the public interest.
Adjournment of merits hearing granted on consent to allow affidavit evidence, meeting exceptional circumstances test.
Staff and the respondents agreed to adjourn the start of a complex insider trading merits hearing to allow Staff to present investigator evidence by affidavit, reducing the number of hearing days required.
The Commission held that while a formal motion for an adjournment was not required in these circumstances, the parties still had to establish 'exceptional circumstances' under Rule 29(1) despite their agreement.
The Commission found that the pandemic and the efficient use of affidavit evidence to eliminate eight days of live testimony constituted exceptional circumstances.
The adjournment was granted.
Tribunal grants partial stay of Director's Order regarding environmental protection measures at steel and mining sites.
The appellants brought motions to stay various sections of a Director's Order requiring them to maintain environmental protection measures and assess environmental conditions at steel mill and mining operations.
The Tribunal granted the Company Directors' motion to stay section 2.9 on consent.
The Tribunal also granted the Company and Company Officers' motion to stay section 2.11, but dismissed the request to stay the remaining sections.
