Cease trade order revoked where the issuer hasremedied its default in respect of disclosure requirements underthe Act.
Securities Act, R.S.O. 1990, c. S.5, as am.,ss. 127(1)2, 127(5), 127(8), 144.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, C.S.5, AS AMENDED(the "Act")
IN THE MATTER OF
BRAZILIAN RESOURCES, INC.
WHEREAS the securities of BrazilianResources, Inc. ("Brazilian") are subject to atemporary order of the Manager made on behalf of the OntarioSecurities Commission (the "Commission"), pursuantto paragraph 2 of subsection 127(1) and subsection 127(5) ofthe Act, on June 12, 2003, as extended by a further order ofthe Manager on June 26, 2003 on behalf of the Commission pursuantto subsection 127(8) of the Act, that trading in the securitiesof the Corporation cease (collectively, the Cease Trade Order);
AND WHEREAS Brazilian has applied tothe Commission for revocation of the Cease Trade Order pursuantto section 144 of the Act.
AND UPON Brazilian having representedto the Commission that:
1. Brazilian was incorporated under the lawsof the State of New Hampshire on November 27, 1990 and isa reporting issuer in the Provinces of Ontario, British Columbia,and Alberta.
2. The Cease Trade Order was issued by reasonof the failure of the Corporation to file with the Commissionits audited annual financial statements for the year endedDecember 31, 2002 (the "Annual Financial Statements")and interim statements ("Interim Financial Statements")for the period ended March 31, 2003 as required by the Act.
3. Brazilian filed its Annual Financial Statementsand its Interim Financial Statements, on June 24, 2003 andJuly 8, 2003, respectively, with the Commission through SEDAR.The Corporation has now brought its continuous disclosurefilings up-to-date.
AND UPON considering the applicationand the recommendation of Staff of the Commission;
AND UPON the Manager being satisfiedthat to do so would not be prejudicial to the public interest;
IT IS ORDERED pursuant to section 144of the Act that the Cease Trade Order be revoked.
July 29, 2003.