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NextTrip.com Travel Inc. - ss. 83.1(1)
Headnote
Subsection 83.1(1) - issuerdeemed to be a reporting issuer in Ontario - issuer has beena reporting issuer in British Columbia since 1989 and in Albertasince 1996 - issuer listed and posted for trading on the TSXVenture Exchange - continuous disclosure requirements of BritishColumbia and Alberta substantially identical to those of Ontario.
Statutes Cited
Securities Act, R.S.O. 1990,c. S.5, as am., ss. 83.1(1).
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5,AS AMENDED (the "Act")
AND
IN THE MATTER OF
NEXTTRIP.COM TRAVEL INC.
ORDER
(Subsection 83.1(1))
UPON the application(the "Application") of NextTrip.com TravelInc. (the "Issuer") for an order pursuant tosubsection 83.1(1) of the Act deeming the Issuer to be a reportingissuer for the purposes of Ontario securities law;
AND UPON consideringthe Application and the recommendation of the staff of the OntarioSecurities Commission (the "Commission");
AND UPON the Issuer havingrepresented to the Commission as follows:
1. The Issuer was incorporatedon April 29, 1987 under the name "Vista Resource CompanyLtd." by filing a Memorandum and Articles with the Registrarof Companies under the Company Act (British Columbia).It changed its name to "Brenzac Development Corporation"on June 16, 1992; to "Consolidated Brenzac DevelopmentCorporation" on April 20, 1993; to "Borneo GoldCorporation" on April 16, 1996; and to "NextTrip.comTravel Inc." on January 4, 2000.
2. The Issuer has been a reportingissuer under the Securities Act (British Columbia)(the "BC Act") since December 1, 1989, andbecame a reporting issuer under the Securities Act(Alberta) (the "Alberta Act") on July 29,1996 as a result of a receipt issued by the Alberta SecuritiesCommission for the Issuer's prospectus dated July 25, 1996.
3. The Issuer is not in defaultof any of the requirements of the BC Act or the Alberta Actand the Issuer is in compliance with all the requirementsof the TSX Venture Exchange (the "TSX").
4. The Issuer is not a reportingissuer in Ontario or in any other jurisdiction, other thanB.C. and Alberta.
5. The authorized capitalstock of the Issuer consists of 100,000,000 common shareswithout par value. As at October 1, 2001, 46,451,620 commonshares, 3,920,000 options, and 7,401,663 warrants to purchasecommon shares of the Issuer were outstanding.
6. The Issuer has a significantconnection to Ontario in that, as at July 11, 2001, 13,305,895common shares representing approximately 35% of the Issuer'soutstanding common shares as at that date were held by residentsin Ontario.
7. The common shares of theIssuer are listed on the TSX under the symbol "NTP"and the Issuer is in compliance with all requirements of theTSX.
8. The continuous disclosurerequirements of the BC Act and the Alberta Act are substantiallythe same as the requirements under the Act.
9. The continuous disclosurematerials filed by the Issuer under the BC Act and the AlbertaAct are available on the System for Electronic Document Analysisand Retrieval.
10. The Issuer is not a capitalpool company as defined in the policies of the TSX.
11. Neither the Issuer norany of its current officers, directors or controlling shareholdershas (i) been the subject of any penalties or sanctions imposedby a court relating to Canadian securities legislation orby a Canadian securities regulatory authority, (ii) enteredinto a settlement agreement with a Canadian securities regulatoryauthority, or (iii) been subject to any other penalties orsanctions imposed by a court or regulatory body that wouldbe likely to be considered important to a reasonable investormaking an investment decision.
12. Neither the Issuer norany of its current officers, directors or controlling shareholdersis or has been subject to (i) any known ongoing or concludedinvestigations by: (a) a Canadian securities regulatory authority,or (b) a court or regulatory body, other than a Canadian securitiesregulatory authority, that would be likely to be consideredimportant to a reasonable investor making an investment decision;or (ii) any bankruptcy or insolvency proceedings, or otherproceedings, arrangements or compromises with creditors, orthe appointment of a receiver, receiver manager or trustee,within the ten years before the date of this Application.
13. No director, officer orcontrolling shareholder of the Issuer is or has been at thetime of such event, a director or officer of any other issuerwhich has been subject to: (i) any cease-trade or similarorders, or orders that denied access to any exemptions underOntario securities law, for a period of more than thirty consecutivedays; or (ii) any bankruptcy or insolvency proceedings, orother proceedings, arrangements or compromises with creditors,or the appointment of a receiver, receiver manager or trustee,within the ten years before the date of this Application.
AND UPON the Commissionbeing satisfied that to do so would not be prejudicial to thepublic interest:
IT IS HEREBY ORDEREDpursuant to subsection 83.1(1) of the Act that the Issuer isdeemed to be a reporting issuer for the purposes of Ontariosecurities law.
June 20, 2002.
"Margo Paul"