IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
IN THE MATTER OF
URANIUM308 RESOURCES INC.,
URANIUM308 RESOURCES PLC.,
MICHAEL FRIEDMAN, GEORGE SCHWARTZ,
PETER ROBINSON, ALAN MARSH SHUMAN, AND
INNOVATIVE GIFTING INC.
WHEREAS on February 20, 2009, the Ontario Securities Commission (the "Commission") issued a temporary cease trade order pursuant to subsections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act") ordering: that all trading in securities by Uranium308 Resources Inc. shall cease and that all trading in Uranium308 Resources Inc. securities shall cease; that all trading in securities by Uranium308 Resources Plc. shall cease and that all trading in Uranium308 Resources Plc. securities shall cease; that all trading in securities by Innovative Gifting Inc. shall cease; and, that Michael Friedman, Peter Robinson, George Schwartz, and Alan Marsh Shuman cease trading in all securities (the "Temporary Order");
AND WHEREAS, on February 20, 2009, the Commission ordered that the Temporary Order shall expire on the 15th day after its making unless extended by order of the Commission;
AND WHEREAS on February 23, 2009 the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, to be held on March 6, 2009 at 10:00 a.m;
AND WHEREAS the Notice of Hearing sets out that the Hearing is to consider, inter alia, whether, in the opinion of the Commission, it is in the public interest, pursuant to subsections 127 (7) and (8) of the Act, to extend the Temporary Order until the conclusion of the hearing, or until such further time as considered necessary by the Commission;
AND WHEREAS on March 6, 2009, a hearing was held before the Commission and Michael Friedman and Innovative Gifting Inc. were represented by counsel and counsel advised the Commission that they were not opposed to the extension of the Temporary Order;
AND WHEREAS on March 6, 2009, Uranium308 Resources Inc., Uranium308 Resources Plc., Alan Marsh Shuman, Peter Robinson, and George Schwartz did not appear before the Commission to oppose Staff of the Commission's ("Staff") request for the extension of the Temporary Order;
AND WHEREAS the Commission is satisfied that Staff has taken reasonable efforts to serve all of the respondents with copies of the Temporary Order, the Notice of Hearing, and the Evidence Brief of Staff as evidenced by the Affidavit of Kathleen McMillan, sworn on March 5, 2009, and filed with the Commission;
AND WHEREAS the Panel considered the evidence and submissions before it;
AND WHEREAS the Commission is of the opinion that, in the absence of a continuing cease-trade order, the length of time required to conclude a hearing could be prejudicial to the public interest;
AND WHEREAS the Commission is of the opinion that it is in the public interest to extend the Temporary Order;
IT IS HEREBY ORDERED, pursuant to subsection 127 (8) of the Act that the Temporary Order is extended to July 13, 2009; and,
IT IS FURTHER ORDERED that the hearing in this matter is adjourned to July 10, 2009, at 10:00 a.m.
DATED at Toronto this 6th day of March, 2009
"Carol S. Perry"