Ivanhoe Energy Inc. – s. 144(1)

Order

Section 144(1) – Application to vary a cease trade order – cease trade order varied to permit beneficial shareholders, who are not insiders or control persons, to sell securities outside of Canada, subject to conditions.

Statutes Cited

Securities Act,  R.S.O. 1990, c. S.5, as am., ss. 127, 144.

September 1, 2017

IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
(THE “ACT”)

AND

IN THE MATTER OF
IVANHOE ENERGY INC.
(THE “ISSUER”)

ORDER
(Section 144(1) of the Act)

                WHEREAS the securities of the Issuer are subject to a temporary cease trade order issued by the Director on April 21, 2015, under paragraph 2 of subsection 127(1) and subsection 127(5) of the Act, as extended by a further cease trade order issued by the Director on May 4, 2015 pursuant to subsection 127(1) of the Act directing that trading in the securities of the Issuer, whether direct or indirect, cease until further order by the Director (the “Cease Trade Order”);

                AND WHEREAS a cease trade order with respect to the Issuer’s securities was also issued by the British Columbia Securities Commission on April 14, 2015, the Manitoba Securities Commission on May 6, 2015, Autorité des marchés financiers on May 7, 2015 and the Alberta Securities Commission on July 15, 2015.

                AND WHEREAS the Issuer’s securities are not listed on and do not trade on any exchange in Canada;

                AND WHEREAS as of August 29, 2017, the Issuer’s securities trade on the OTC Marketplace (OTC);

                AND WHEREAS a shareholder of the Issuer has made an application to the Commission pursuant to section 144(1) of the Act to vary the Cease Trade Order;

                AND UPON the Director being satisfied that:

a)            the terms and conditions to the Cease Trade Order put Ontario resident shareholders of the Issuer at a disadvantage to certain shareholders who are free to trade their shares on the OTC; and

b)            it is not prejudicial to the public interest to vary the Cease Trade Order under section 144(1) of the Act;

                IT IS ORDERED that, pursuant to section 144(1) of the Act, the Cease Trade Order be varied by including the following section:

Despite this order, a beneficial shareholder of Ivanhoe Energy Inc. who is not, and was not as at April 21, 2015, an insider or control person of Ivanhoe Energy Inc., may sell securities of Ivanhoe Energy Inc. acquired before April 21, 2015, if:

1.             the sale is made through a market outside of Canada; and

2.             the sale is made through an investment dealer registered in Ontario.

                DATED this 1st day of September, 2017

“Sonny Randhawa”
Deputy Director, Corporate Finance Branch
Ontario Securities Commission