Uranium Limited -- s. 1(10)

Headnote

Fund deemed to have ceased to be a reporting issuer -- All shares of the Fund were acquired and the Fund is now a wholly-owned subsidiary -- Fund meets requirements set out in OSC Staff Notice 12-703 Preferred Format of Applications to the Director Under Section 83 of the Securities Act (Ontario).

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10).

OSC Staff Notice 12-703 Preferred Format of Applications to the Director Under Section 83 of the Securities Act (Ontario).

May 21, 2010

Dear Sirs/Mesdames:

The Applicant has applied to the Ontario Securities Commission for an order under clause 1(10)(b) of the Act that the Applicant is not a reporting issuer.

As the Applicant has represented to the Commission that:

• The outstanding securities of the Applicant, including debt securities, are beneficially owned, directly or indirectly, by less than 15 security holders in Ontario and less than 51 security holders in Canada;

• No securities of the Applicant are traded on a marketplace as defined in National Instrument 21-101 -- Marketplace Operation;

• the Applicant is not in default of any of its obligations under the Act as a reporting issuer; and

• the Applicant will not be a reporting issuer or the equivalent in any jurisdiction in Canada immediately following the Director granting the relief requested.

The Director is satisfied that it would not be prejudicial to the public interest to grant the requested relief and orders that the Applicant is not a reporting issuer.