OSC 2023

Spruce Ridge Resources Ltd. applied to the Ontario Securities Commission for an order revoking a failure-to-file cease trade order issued on September 2, 2022.

The Issuer demonstrated that it had filed all outstanding continuous disclosure documents, paid all required fees, and brought its SEDAR+ and SEDI profiles up to date.

The Principal Regulator, satisfied that the statutory test was met, granted the application and revoked the cease trade order.

The applicant applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The principal regulator was satisfied that the test under the legislation was met and granted the order.

The applicant, Superior Gold Inc., applied for an order under the securities legislation to cease being a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The Ontario Securities Commission, acting as the principal regulator, granted the order based on representations that the applicant has fewer than 51 securityholders worldwide, its securities are not traded on any marketplace, and it is not in default of securities legislation.

The applicant applied for exemptive relief on behalf of its mutual funds from the requirement in NI 81-102 that all portfolio assets be held by a single qualified custodian.

The relief sought to permit the funds to deposit portfolio assets with a borrowing agent that is not the fund's custodian in connection with short sales, up to certain collateral limits.

The Ontario Securities Commission granted the exemption, provided the funds otherwise comply with the short sale requirements in NI 81-102.

The Filer, Aumento Capital X Corp., applied to the Ontario Securities Commission as the principal regulator for an order that it has ceased to be a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The Filer represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The principal regulator was satisfied that the test under the securities legislation was met and granted the requested order.

The applicant applied for a decision under the securities legislation of Ontario for an exemption from the prospectus requirement in respect of the distribution of contracts for difference and over-the-counter foreign exchange contracts to investors resident in applicable jurisdictions.

The Principal Regulator granted the requested relief, subject to various terms and conditions, including that the applicant remains registered as an investment dealer and a member of the Canadian Investment Regulatory Organization, and that all transactions are conducted pursuant to applicable rules and acceptable practices.

Fidelity Investments Canada ULC applied for exemptive relief from section 2.1 of National Instrument 81-101 to permit the consolidation of Part B Introductions of a Renewal Prospectus into a single Part B Introduction combined with the Part A section.

The principal regulator granted the exemption, finding it would reduce duplication and provide investors with a more convenient way to review the information without prejudicing the public interest.

The Filer applied for exemptive relief from the self-dealing prohibitions in paragraph 13.5(2)(b) of National Instrument 31-103.

The relief was sought to permit a one-time reorganization involving in-specie transfers of portfolio securities between managed accounts of an affiliate and newly created investment funds managed by the Filer.

The Ontario Securities Commission granted the exemption, subject to conditions including prior written consent, valuation requirements, and record-keeping obligations.

AGF Investments Inc. applied for exemptive relief on behalf of its mutual funds to be exempted from the requirement to prepare and file a long form prospectus for ETF Securities, provided they file a simplified prospectus.

They also sought relief to treat ETF Securities and Mutual Fund Securities as separate funds for compliance with Parts 9, 10, and 14 of NI 81-102.

The Ontario Securities Commission granted the requested exemptions subject to specified conditions.

The applicant sought exemptive relief on behalf of several continuing mutual funds following a series of mergers with terminating funds.

The relief requested permission to use the past performance data, financial highlights, and formation dates of the terminating funds in the continuing funds' prospectus, fund facts, and continuous disclosure documents.

The principal regulator granted the requested relief, finding it would not be prejudicial to the public interest, provided the continuing funds include the applicable data and disclose the mergers in their communications.

The filer applied on behalf of an alternative mutual fund for exemptive relief from the cash borrowing and short selling limits in National Instrument 81-102.

The filer sought to permit the fund to borrow cash up to 100% of its net asset value, provided that the aggregate of cash borrowing and short selling does not exceed 100% of NAV, and total leverage does not exceed 300% of NAV.

The principal regulator granted the requested exemption, finding it would allow the fund to manage its investment exposure more effectively and cost-efficiently than using specified derivatives.

The issuer applied for a partial revocation of a failure-to-file cease trade order to permit trades necessary for a reorganization transaction under the Companies' Creditors Arrangement Act.

The issuer had failed to file its annual continuous disclosure documents and subsequently entered creditor protection.

The Ontario Securities Commission granted the partial revocation order, subject to conditions including providing notice to the purchaser that the securities remain subject to the cease trade order.

The applicant, a reporting issuer, applied to the Ontario Securities Commission for exemptive relief to extend the time limits for filing a renewal prospectus.

The applicant had ceased distributing its common shares and was engaged in the comment process with commission staff regarding an amendment and a pro forma prospectus.

The principal regulator granted the requested relief, extending the lapse date, finding it would not be prejudicial to the public interest.

The Filer, BMO Asset Management Inc., applied for exemptive relief on behalf of certain investment funds (Top Funds) to permit them to invest in related collective investment schemes and non-reporting investment funds (Underlying Funds and Underlying Investments).

The Ontario Securities Commission granted the requested relief, including related issuer relief, reporting relief, consent requirement relief, and fund-of-fund relief, subject to several conditions including independent net asset value calculation, independent review committee approval, and compliance with illiquid asset restrictions.

The applicant, Voyager Metals Inc., applied to the Ontario Securities Commission for an order declaring that it has ceased to be a reporting issuer in all jurisdictions of Canada.

The Commission found that the applicant met the necessary criteria, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and having no securities traded on a marketplace.

The order was granted.

The Filer applied for exemptive relief on behalf of three exchange-traded funds to permit them to invest more than 10% or 20% of their net asset value in the securities of a single Canadian bank, contrary to the concentration restrictions in National Instrument 81-102.

The relief was required to allow the funds to achieve their investment objectives of tracking an equal-weight index of the six largest Canadian banks, which inherently requires concentrated positions.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding disclosure and portfolio rebalancing.

The filers, Tilray Brands, Inc., 48North Cannabis Corp., and HEXO Corp., applied for exemptive relief from continuous disclosure, certification, and insider reporting requirements for HEXO and 48North.

Following a plan of arrangement, HEXO and 48North became wholly owned subsidiaries of Tilray.

The Ontario Securities Commission granted the requested relief, subject to conditions including that Tilray remains a reporting issuer and files its continuous disclosure documents, and that HEXO and 48North do not issue further securities to the public.

The applicant, a foreign issuer whose shares were delisted from the TSX and are traded on the AIM market, applied for an order to cease to be a reporting issuer in Canada.

The applicant demonstrated that Canadian residents beneficially own a de minimis percentage of its outstanding securities, with the exception of one institutional investor who consented to the application.

The Ontario Securities Commission granted the order, noting the applicant will continue to comply with the reporting requirements of the AIM market.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus and fund facts for certain mutual funds.

The extension was sought to align the renewal date with other funds managed by the applicant, thereby reducing costs and streamlining disclosure.

The Commission granted the requested exemption, finding it would not be prejudicial to the public interest.

The Filer, Silver Spike III Acquisition Corp., applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The Filer represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 securityholders worldwide, and that its securities are not traded on any marketplace.

The principal regulator, satisfied that the statutory tests were met, granted the order.