Alberta Securities Commission

Canadian securities regulators announce rules to support new SEDAR+ filing system

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Thursday, March 23, 2023

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VANCOUVER, BC and TORONTO, March 23, 2023 /CNW/ - The Canadian Securities Administrators (CSA) today published advance notice of adoption of rules requiring market participants to use a new national filing and information system, and to pay system fees for filing.

Key Points:

VANCOUVER, BC and TORONTO, March 23, 2023 /CNW/ - The Canadian Securities Administrators (CSA) today published advance notice of adoption of rules requiring market participants to use a new national filing and information system, and to pay system fees for filing.
The new system, called SEDAR+, will create a modern, user-friendly platform that reduces the time and cost of securities regulatory compliance across Canada.
"The new system will include a browser-based interface, an integrated view of issuer information, a broader scope of filings and automatic fee calculation.
The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

HeadsUp Entertainment Targeted for Completion of Reverse Triangle Merger

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Wednesday, March 15, 2023

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CALGARY, AB, March 15, 2023 /PRNewswire/ - HeadsUp Entertainment International Inc. (OTCPINK: HDUP) is pleased to announce that it has identified, and been identified by, an acquiring Company for the completion of the previously announced Reverse Triangle Merger and move to a high tier exchange.

Key Points:

CALGARY, AB, March 15, 2023 /PRNewswire/ - HeadsUp Entertainment International Inc. (OTCPINK: HDUP) is pleased to announce that it has identified, and been identified by, an acquiring Company for the completion of the previously announced Reverse Triangle Merger and move to a high tier exchange.
The Company has been in a mandated quiet period under a series of NDA's to complete a number of corporate finance agreements to consolidate its assets along with a number of previously announced and upcoming new transactions.
This process will also provide the information required by the Alberta Securities Commission to request the removal of the Cease Trade Order in Canada with the submission of these items.
Management cannot yet publicly disclose the name of the targeted consolidation vehicle but will make all material disclosures required as it navigates through the corporate finance process, and as required by the various exchanges, through its filings.

Xfuels Inc. and its president and CEO, Michael McLaren, settle with the ASC for breaching cease trade order

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Monday, February 27, 2023

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CALGARY, AB, Feb. 27, 2023 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Xfuels Inc. and Michael David McLaren for issuing securities in breach of an ASC cease trade order (CTO).

Key Points:

CALGARY, AB, Feb. 27, 2023 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Xfuels Inc. and Michael David McLaren for issuing securities in breach of an ASC cease trade order (CTO).
On April 22, 2016, the ASC issued a CTO against Xfuels for failing to file periodic disclosure as required under the Securities Act (Alberta).
While subject to the CTO, Xfuels issued securities to numerous individuals and entities, including to McLaren and his family members.
Xfuels and McLaren also engaged in acts, advertisements, solicitations, conduct or negotiations in furtherance of trades in securities of Xfuels in breach of the CTO.

VAALCO Energy Receives Exemptive Relief from Canadian Securities Authorities Regarding Future Canadian Filings

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Friday, February 24, 2023

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HOUSTON, Feb. 24, 2023 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today announced that it has received exemptive relief from the applicable Canadian securities authorities regarding future filing requirements.

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HOUSTON, Feb. 24, 2023 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today announced that it has received exemptive relief from the applicable Canadian securities authorities regarding future filing requirements.
VAALCO became a reporting issuer in each of the provinces of Canada by virtue of its business combination with TransGlobe in October 2022, which made it subject to Canadian continuous disclosure and other reporting obligations under applicable Canadian securities laws.
Applicable Canadian securities regulatory authorities have issued a decision document (the “Decision”) granting the Company exemptive relief from the requirements contained in Canada’s National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”).
A copy of the Decision may be found on the website of the Alberta Securities Commission at www.asc.ca.

Alberta Court of Appeal dismisses Zulfikar Rashid's appeal of ASC decision

Retrieved on:

Wednesday, February 15, 2023

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CALGARY, AB, Feb. 15, 2023 /CNW/ - In a Memorandum of Judgment issued on February 13, 2023, the Alberta Court of Appeal dismissed Zulfikar Rashid's appeal of an Alberta Securities Commission (ASC) sanctions decision.

Key Points:

CALGARY, AB, Feb. 15, 2023 /CNW/ - In a Memorandum of Judgment issued on February 13, 2023, the Alberta Court of Appeal dismissed Zulfikar Rashid's appeal of an Alberta Securities Commission (ASC) sanctions decision.
Rashid and others were found to have breached Alberta securities laws in a previous merits decision (Re Kilimanjaro Capital Ltd., 2021 ABASC 14).
The Court ruled that the ASC decision was not unreasonable, noting that "the ASC found that it was in the public interest to impose administrative penalties in this case and in determining the sanction imposed, considered the applicable sanctioning principles."
As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

ASC finds that Gerald Michael Budzinski breached Alberta securities laws; dismisses allegations of market manipulation

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Tuesday, February 7, 2023

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CALGARY, AB, Feb. 7, 2023 /CNW/ - The Alberta Securities Commission (ASC) has found that Gerald Michael Budzinski breached the Securities Act (Alberta) by failing to comply with securities law requirements related to insider reporting, early warning disclosure and take-over bids.

Key Points:

CALGARY, AB, Feb. 7, 2023 /CNW/ - The Alberta Securities Commission (ASC) has found that Gerald Michael Budzinski breached the Securities Act (Alberta) by failing to comply with securities law requirements related to insider reporting, early warning disclosure and take-over bids.
An ASC panel determined that, from August 2015 to June 2016, Budzinski attained control or direction over a significant number of shares of BCM Resources Corporation (BCM).
The ASC panel dismissed allegations that Budzinski engaged in market manipulation.
As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

Update on the Purchase of the Direct Store Distribution Operation from New Age Beverage Corporation

Retrieved on:

Tuesday, February 7, 2023

Legacy Distribution Group, “Legacy” (Denver, CO), the Company’s wholly owned subsidiary, completed the acquisition of the DSD operations from New Age Beverage Corporation, a Colorado corporation, and a wholly owned subsidiary of New Age, Inc. effective December 12, 2022.

Key Points:

Legacy Distribution Group, “Legacy” (Denver, CO), the Company’s wholly owned subsidiary, completed the acquisition of the DSD operations from New Age Beverage Corporation, a Colorado corporation, and a wholly owned subsidiary of New Age, Inc. effective December 12, 2022.
Since the closing acquisition of the DSD Operations in mid-December of 2022, the DSD Operations have averaged $145,541.00 in daily sales.
The previous parent company, a multi-level-marketing company, enforced a “Health and Wellness” edict which directly impacted the DSD Operation.
The Company is unable to control the timeline, but is working to have the CTO revoked for trading to resume in Canada.

Court finds William Jordan McBean guilty of fraud

Retrieved on:

Monday, January 16, 2023

Another victim, a woman in her 70s at the time, was defrauded of $425,035 USD in relation to funds provided to McBean for investment purposes.

Key Points:

Another victim, a woman in her 70s at the time, was defrauded of $425,035 USD in relation to funds provided to McBean for investment purposes.
Sentencing submissions are scheduled to occur on February 21, 2023 in the Court of King's Bench, Calgary.
In particular, JSOT targets repeat offenders, serious frauds and breaches of ASC or court orders and bans.
IMET is a specialized unit under the Alberta RCMP Federal Policing program that detects, investigates, and deters market fraud.

Copland Road Capital Corporation Announces Distribution Date for Distribution of Shares Pursuant to Plan of Arrangement

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Monday, January 30, 2023

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Vancouver, British Columbia--(Newsfile Corp. - January 30, 2023) - Copland Road Capital Corporation (CSE: CRCC) ("Copland Road" or the "Company") is pleased to announce that further to its press release of December 16, 2022, the Company plans to implement the plan of arrangement (the "Arrangement") involving the involving the Company and Broomloan Road Capital Corporation, Edmiston Drive Capital Corporation, Bothwell Road Capital Corporation, Goram Capital Corporation, and James Bell Capital Corporation (each a "SpinCo").

Key Points:

Vancouver, British Columbia--(Newsfile Corp. - January 30, 2023) - Copland Road Capital Corporation (CSE: CRCC) ("Copland Road" or the "Company") is pleased to announce that further to its press release of December 16, 2022, the Company plans to implement the plan of arrangement (the "Arrangement") involving the involving the Company and Broomloan Road Capital Corporation, Edmiston Drive Capital Corporation, Bothwell Road Capital Corporation, Goram Capital Corporation, and James Bell Capital Corporation (each a "SpinCo").
As such, all shareholders of record as at that date will be entitled to participate in the Arrangement.
Examples of forward-looking statements include, the timing and implementation of the Plan of Arrangement.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152907

Samir Sabharwal named as the new ASC Executive Director

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Tuesday, January 10, 2023

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CALGARY, Jan. 10, 2023 /CNW/ - The Alberta Securities Commission (ASC) today announced that Samir Sabharwal has been named the organization's new Executive Director, following an extensive national search.

Key Points:

CALGARY, Jan. 10, 2023 /CNW/ - The Alberta Securities Commission (ASC) today announced that Samir Sabharwal has been named the organization's new Executive Director, following an extensive national search.
"Samir is the right person to take on the role of Executive Director, and we are looking forward to his continued leadership."
Mr. Sabharwal joined the ASC in 2005 and has held increasingly senior positions, most recently as General Counsel, a position he has been in since 2018.
"I am honoured to be taking on the role of Executive Director," said Mr. Sabharwal.