The original British Columbia Cease Trade Order - Sarissa Resources -
Cease Trade Order
Sarissa Resources, Inc.
Section 164 of the Securities Act, R.S.B.C. 1996, c. 418
¶1 Sarissa Resources, Inc. (Sarissa) is a mineral exploration company with offices in Oakville and Chapleau, Ontario. Its principle mineral properties are located in Ontario.
¶2 Sarissa is not a reporting issuer in British Columbia. However, it conducts investor relations activity in and from British Columbia.
¶3 In its news release dated August 4, 2009, Sarissa disclosed mineral resource estimates on its Nemegosenda Project in Ontario.
¶4 Under section 4.2 (1)(j) of National Instrument 43-101 Standards of Disclosure for Mineral Projects, Sarissa was required to file, within 45 day of
August 4, 2009, a technical report that supported its disclosure of the mineral resources.
¶5 Sarissa has not filed the required technical report.
¶6 Under section 164(1) of the Act, the Executive Director orders that all trading in the securities of Sarissa cease until:
1. it files a technical report in the required form on its Nemegosenda Project in Ontario supporting its disclosure, and
2. the Executive Director makes an order under section 171 of the Act revoking this order.
¶7 June 17, 2010
An Amendment to the Cease Trade Order - Sarissa Resources
British Columbia Securities Commission
Partial Revocation Order
Sarissa Resources Inc.
Section 171 of the Securities Act, R.S.B.C. 1996, c. 418
¶1 On June 17, 2010, the Executive Director ordered (the Cease Trade Order) under section 164 of the Act that trading in the securities of Sarissa Resources Inc. (the Company) cease until the Company files a technical report that supported its previous disclosure of a mineral resource estimate on its Nemegosenda Project in Ontario and the Executive Director makes an order under section 171 of the Act revoking the Cease Trade Order.
¶2 The Company has filed a technical report that does not support the Company’s previous mineral resource estimate. By news release dated October 5, 2010, the Company retracted its previous mineral resource estimate and has revised and updated its technical disclosure on the Nemegosenda Project.
¶3 The Company is an OTC reporting issuer under BC Instrument 51-509 Issuers Quoted in the U.S. Over-the-Counter Markets because since September 15, 2008, investor relations activities have been conducted by it or on its behalf in or from British Columbia.
¶4 On October 15, 2010, the Executive Director varied the Cease Trade Order to reflect the proper spelling of the Company’s name, to delete paragraphs 3, 4, and 5, and to amend paragraph 6 to delete section 1 and to substitute “it files the required records complete in accordance with the Act and regulations” therefore.
¶5 Joseph P. Van Tassel, Supervisor, Court Operations, Enforcement Services, Ministry of the Attorney General of Ontario informed the Executive Director that:
1. at the request of the Canada Revenue Agency (CRA), his Enforcement Officers seized 250,000 common shares of the Company (the Shares) from Capital Transfer Agency.
2. the Shares are in certificate form, certificate number 1518, in the name of Larry Salo, and
3. he is required to sell and convert the Shares into Canadian dollars to satisfy Larry Salo’s debt owing to CRA.
The Executive Director is satisfied that this order is not prejudicial to the public interest.
The Executive Director orders under section 171 of the Act that the Cease Trade Order be varied solely to permit the sale of the Shares.
July 19, 2012
John Porges Manager Corporate Finance
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A Cease Trade Order is a serious matter and shouldn't be white washed.
In order for a Cease Trade Order to be removed the Company needs to satisfy the Regulatory Body that issued it. In the case of Sarissa they know the facts pertaining to the actual issue(s) and presumably can satisfy the requirements - if not now certainly as they move forward with their Plan.
How it may affect their proposed separation of Nio Star (to list independently) is the question that I am sure they are investigating.
