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No worries bro.. I just want to be prepared incase we want to sell.. So yes.lets keep looking at our options if BCSC makes it difficult.. Might need to get my lawyer involved if they don't cooperate... This is what i wrote back to them...
Thank you very much for the information that you provided Mr. Hall. Appreciate all the details regarding the Act. Etc. However several of my colleagues have been getting different responses from your office as one being that the fee is $750 instead of $2500 for the partial revocation order. The other one is that people who own the stock in British Columbia can apply together to share the cost of the fee.. With no mention of them having to be related.
As I have mentioned in my inquiry that i would simply like to dispose of my shares that are being traded at a different exchange and I am unable to do anything about it while i watch the stock go up and down. I don't understand how you have come up with a fee of $2500 to get a partial revocation order for my stock in MDCN.. and you mention that it is not even guaranteed if i do apply for it according to your email. So you are telling me I took a huge loss in my trade and now i can't trade but BCSC might let me only trade to sell my shares for a fee of $2500 only if approved to do so ... So if it doesn't work out then I am out of anther $2500?..Please explain. I can understand if i was going to make a million dollars on my sale the $2500 fee would be minuscule but that is not the case. I can happily pay the fee of $2500 if i sell my shares for a million dollars. I guarantee you that.
Looking forward to hearing from you...
Iqbal Rakhra
CEO Rakhra Enterprises
Different responses from BCSC... So here us the response I got back from BCSC and it seems different people in their organization are giving different answers... Like our other friend mentioned the partial revocation fee is only $750... This person is going back to $2500. This is the copy of the response...
Dear Sir/Madam:
I understand you are a BC resident interested in submitting a partial revocation application to trade shares in Medican Enterprises, Inc. (MDCN). The cease trade order (CTO) in British Columbia currently prevents you from disposing of shares unless a partial revocation of the 2015-09-09 cease trade order is granted. The other alternative is for the company to submit a full revocation application of the CTO, however this is the company’s responsibility and they have not made an application with the BC Securities Commission at this time. The recent disclosures made by the company in the link you provided, as well as with OTC Markets and with the Securities and Exchange Commission on EDGAR are not sufficient to have the CTO revoked.
An individual may apply for a partial revocation of a CTO under section 171 of the Securities Act, R.S.B.C. 1996, c. 418 (the Act). If you wish to go forward and make an application for a partial revocation of the CTO, the fee to apply for a partial revocation application is $2,500. In regards to your query about sharing the application cost, unrelated applicants typically must file separate applications. Prior to filing an application and paying the fee, please provide a short response describing the nature of your relationship with the other potential applicant(s), and if you think it’s warranted, and why a joint application may be applicable. We can then access this information.
If a partial revocation order is granted, you will indeed have to direct your broker to the partial revocation order to sell your shares. This is typically completed through telephone banking, as online direct investing brokerage systems are typically not set-up for these trades. The partial revocation order, if issued, would publically display the name and holdings of the beneficial holder(s). A partial revocation order is not guaranteed if an application is submitted.
In order for us to look into your eligibility to have a partial revocation order granted, please provide:
· Copy of your brokerage statement showing shareholdings of MDCN,
o brokerage statements from the date(s) you acquired the shares of MDCN,
· Photocopy of driver’s license or identification card,
· A response about shared application cost described above,
· A response to the question: Do you anticipate requesting a partial revocation application for any other company’s under CTO or not? If yes, describe.
Prior to paying the fee and submitting an application, please provide the information above and wait for my response. Once I have reviewed the response, I will provide additional instruction on how to submit a revocation application and pay the fee.
Please let me know if you have any questions.
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Chris Hall, CFA
Compliance Officer
Corporate Finance
British Columbia Securities Commission
1200 - 701 West Georgia Street
Vancouver, BC V7Y 1L2
Tel: 604-899-6526
Fax: 604-899-6581
www.bcsc.bc.ca
Email: chall@bcsc.bc.ca
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Fatte chakk train it is bud.. $5 target might be too high but gotta aim high and who knows we can achieve our target of $1 soon... Good night my friend and all the rest of this group.
Good to hear we are on the same page brother.. lol...yes I speak
Punjabi like a boss. Hope this goes to over a $5 and I will throw a party in Richmond for you and your friends.
That will be wild.. Looking forward to it... Also if my DD is right... Why would the company Adar Bay LLC purchase almost 10 percent of MDCN?.. Something is about to happen...
Hey bro.. Don't lose hope.. We got this.. Not sure if you read my post #43657.. Lets se what BCSC says to my email and we can proceed from there... Especially if tje fee is only $750.. Even if it is just you and I .. That is just $375 each and we need to be able to sell when the time us right for us...
Hey man..ChartShark28 provided some great info but he is not from BC. Thanks so much ChartShark28. Once BCSC responds back perhaps me and you can apply together for the partial revocation order and get the ball rolling. Cheers.
This is the message I sent to BCSC just now... will update once I get a reply from them... sorry its a long message but wanted to get all the info in there....
Good Afternoon. I hold shares in MDCN (Medican Enterprises Inc.) since 2015 with online brokerage firm Questrade. There is currently a Cease Trade order in BC where I am located. This is a US stock and it is currently being traded heavily in the US. They have recently filed paperwork as of Feb 08, 2021 as they hadn't filed for over 4 years. This information can be seen with the following link. https://www.nasdaq.com/market-activity/stocks/mdcn/sec-filings I would like to know what my options are as I would like to sell my shares and am not interested in buying any more shares in the company. Would this current filing would be sufficient to remove the cease trade order? Please advise.
I have also been advised by someone that there is a possibility of getting a partial revocation order to sell my shares. Can you please provide me with the details to costs and if I was to get other people in same situation as me would we be able to share the cost for the revocation fee. Also I am assuming if this option works then I would have to provide the proof to my online broker to sell my shares as when I try to put in a order to sell my shares ... an automatic message appears that a cease trade order in on this stock. Can you please provide me with all the details and any other options that I have. Would the partial revocation have the names of people who applied for the order? I really appreciate your assistance and understand that this process may take some time and I would like to get the process started as soon as possible.
Sincerely,
Iqbal Rakhra
Hey Bro... thanks very much for the great info. Yes lets jump right into getting this partial revocation order so we are prepared to act when the time is ready. I am also shooting the BSSC a email right now to get a response in writing with all the options we have so we have some proof. So far the partial revocation seems like the way to go. And agreed that $750 fee seems reasonable now and lets get this ball rolling. Will update you guys soon.
At the same time ... Some of us invested in this stock from very long ago and it seems to be taking off.. Maybe its on the right path after some house cleaning.
Please be free to enlighten us with any details.. We can see the stock history price and previous CEO being trashed and deceitful to shareholders... Just want you to say it out loud what you trying to say...
I'm still researching but will let u know soon as it should be possible.. Yes seems fishy what karen is saying as we need to not take just her word and if the stock went to $1... I would not even hesitate to pay for all people in BC for partial revoke order but at this point seems rediculous for them to ask $2500 ...
This is copy of msg....
Dear Rakhra,
I am no longer the CEO. Please contact Dana Belle on Twitter: @immediateproper
Regards,
Ken
That is great info. Appreciate it. I had also sent an email a few weeks ago to MDCN head office regarding any update if they were planning to get the Cease Trade order revoked in Canada by filing paperwork. The previous CEO told me to contact new CEO named Dana Belle.
Yeah...sounds great. I live in Abbotsford, so not too far from you. I was also looking at another option but will inquire with BCSC. I was gonna ask them if is possible to open a US brokerage stock account and then if I could tranfer my shares from Questrade Canada to the US brokerage account in kind. As it seems Canadians who are not residents of the States can still open a US account. Will let you know. Just another option to see what works best..
Unfortunately I don't know anyone else that is from BC at this time but we will keep posting here and hopefully we can get 15 to 20 people. Yes we need to be planned ahead in case this goes up and we need to lock in some profit.. Will keep you posted if I receive any information... Yes the volume on MDCN seems phenomenal and hope it continues like that and then we know something is brewing... Cheers
Thanks for the info... Yes totally agree with getting lots more people sharing the cost to get the partial revocation order.
All good.. I don't use twitter either. Yes we can update each other here. I will find out if others in same situation and will let you know.
Yes I am from BC Canada.. Let me know the details please..
I am also from BC, Canada. I would be willing to share the cost of the partial revocation of the Cease Trade Order. Please let me know the details as to any info or restrictions regarding expiry of exercising the revocation of the order if it is approved by the BCSA. I hold my shares through Questrade so I don't know how I would be able to sell my shares...I mean I am supposing I would have to provide proof to Questrade first etc. Thanks for any assistance.