Register today for OSC Dialogue 2024: Inviting, thriving and secure capital markets
Armistice Resources Ltd. - MRRS Decision
Headnote
MRRS - Relief from the requirementthat the author of a technical report be a member of a "professionalassociation" in order to be considered a "qualifiedperson".
National Instruments Cited
National Instrument 43-101 -Standards of Disclosure for Mineral Projects, 2001.
24 OSCB 303, ss. 1.2, 2.1, 5.1and 9.1.
IN THE MATTER OF
THE SECURITIES LEGISLATIONOF
ALBERTA, ONTARIO AND QUEBEC
AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEWSYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
ARMISTICE RESOURCES LTD.
MRRS DECISION DOCUMENT
WHEREAS the local securitiesregulatory authority or regulator (the "Decision Maker"and collectively the "Decision Makers" in each ofAlberta, Ontario and Quebec (the "Jurisdictions")has received an application (the "Application") fromArmistice Resources Ltd. (the "Corporation") for adecision under the securities legislation of the Jurisdictions(the "Legislation") that: (1) the Corporation is exemptfrom the requirement contained in National Instrument 43-101("NI 43-101") that the author of a technical reportor other information upon which disclosure of a scientific ortechnical nature is based be a member in good standing of aprofessional association in order for the author to be considereda "qualified person" as defined in NI 43-101 (the"Membership Qualification Requirement"); and (2) theCorporation is exempt from the requirement contained in theLegislation to pay a fee in connection with the Application(the "Application Fee Requirement");
AND WHEREAS under theMutual Reliance Review System for Exemptive Relief Applications(the "System"), the Ontario Securities Commissionis the principal regulator for this application;
AND WHEREAS the Corporationrepresented to the Decision Makers that:
1. The Corporation was incorporatedpursuant to the laws of the province of Ontario on June 29,1984. The Corporation's head office is located at 70 AldershotCrescent, North York, Ontario, M2P 1M1.
2. The Corporation is a reportingissuer or the equivalent in each of the Jurisdictions andis not in default of any requirement of the Legislation.
3. The Corporation's securitiesare listed for trading on the Canadian Unlisted Board. TheCorporation intends to make an application to list the Corporation'ssecurities on the TSX Venture Exchange.
4. The Corporation is a miningexploration company whose main property is located near thetown of Virginiatown in northeastern Ontario.
5. The Corporation has retainedStewart J. Carmichael to author technical reports requiredto be filed by the Corporation pursuant to NI 43-101 and toprepare information upon which the Corporation's disclosureof a scientific or technical nature may be based.
6. Stewart Carmichael is amember of the Association of Geoscientists of Ontario ("AGO").AGO was a "professional association" as definedin NI 43-101 until February 1, 2002.
7. AGO is being replaced inOntario by the Association of Professional Geoscientists ofOntario ("APGO"). APGO is a "professional association"as defined in NI 43-101.
8. Stewart Carmichael hasapplied to become a member of APGO and would be a "qualifiedperson" as defined in NI 43-101 except only for not yetbeing a member in good standing of a "professional association".
AND WHEREAS under theSystem, this MRRS Decision Document evidences the decision ofeach Decision Maker (collectively, the "Decision");
AND WHEREAS each of theDecision Makers is satisfied that the test contained in theLegislation that provides the Decision Makers with the jurisdictionto make the Decision has been met;
THE DECISION of the DecisionMakers under the Legislation is that:
1. except in the provinceof Quebec, the Corporation is exempt from the ApplicationFee Requirement; and
2. the Corporation is exemptfrom the Membership Qualification Requirement in connectionwith technical reports or other information prepared by StewartJ. Carmichael provided that:
(a) Stewart J. Carmichaelcomplies with all other elements of the definition of "qualifiedperson" in NI 43-101; and
(b) the relief granted inthis Decision shall terminate on the earlier of: (1) thedate Stewart J. Carmichael becomes a member of APGO or isadvised that his application for membership to APGO hasbeen denied; and (2) February 1, 2003.
July 25, 2002.
"Margo Paul"