SEC Suspensions & Revocations

[Homebrew]

SURE Revocation/Suspension
https://www.sec.gov/litigation/admin/2018/34-83249.pdf

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No.
83249
/ May 15, 2018
ADMINISTRATIVE PROCEEDING
File No.
3
-
18485
In the Matter of
Sonora Resources Corp.
,
Respondent.
ORDER
INSTITUTING ADMINISTRATIVE
PROCEEDINGS AND NOTICE OF HEARING
PURSUANT TO SECTION 12(j) OF THE
SECURITIES EXCHANGE ACT OF 1934
I.
The Securities and Exchange Commission (“Commission”) deems it necessary and
appropriate for the protection of investors
that public administrative proceedings be, and hereby
are, in
stituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 (
“
Exchange
Act
”
) against
the respondent named in the caption.
II.
After an investigation, the Division of Enforcement al
leges that:
A.
RESPONDENT
1
1.
Sonora Resources Corp.
(
“
SURE
”) (CIK No.
1473591
) is
a revoked
Nevada
corporation
located in
Guadalupe, Zacatecas, Mexico
with a class of securities registered with
the Commission pursuant to Exchange Act Section 12(g).
SURE
is delinquent in its periodic
filings with the Commission, having not filed any periodic reports since it filed a Form
10
-
Q
for
the period ended
February 28, 2014
, which reported a
net loss of $712,836
for the
prior three
months
.
As of
May 10, 2018
, the
common stock
of
SURE
was
quoted on OTC Link
operated by
OTC Markets Group, Inc. (formerly “Pink Sheets
”
)
had
six
market makers and was eligible for
the “piggyback” exception of Exchange Act Rule 15c2
-
11(f)(3).
1
The short form of the issuer’s name is also its ticker symbol.
2
B.
DELINQUENT PERIODIC FILINGS
2.
As discussed
in more detail above, the Respondent is delinquent in its periodic
filings with the Commission, has repeatedly failed to meet its obligations to file timely periodic
reports and failed to bring its filings current in response to the delinquency letter sent
to it by the
Division of Corporation Finance requesting compliance with its periodic filing obligations.
3.
Exchange Act Section 13(a) and the rules promulgated thereunder require issuers
of securities registered pursuant to Exchange Act Section 12 to file with the Commission current
and accurate information in periodic reports, even if the registration is volun
tary under Section
12(g). Specifically, Rule 13a
-
1 requires issuers to file annual reports and Rule 13a
-
13 requires
domestic issuers to file quarterly reports.
4.
As a result of the foregoing, the Respondent failed to comply with Exchange Act
Section 13(a)
and Rules 13a
-
1 and 13a
-
13 thereunder.
III.
In view of the allegations made by the Division of Enforcement, the Commission deems
it necessary and appropriate for the protection of investors that public administrative proceedings
be instituted to determine
:
A.
Whether the allegations contained in Section II hereof are true and, in connection
therewith, to afford the Respondent an opportunity to establish any defenses to such allegations;
and,
B.
Whether it is necessary and appropriate for the protection
of investors to suspend
for a period not exceeding twelve months, or revoke the registration of each class of securities
registered pursuant to Section 12 of the Exchange Act of the Respondent identified in Section II
hereof, and any successor under Exchan
ge Act Rules 12b
-
2 or 12g
-
3, and any new corporate
names of the Respondent.
IV.
IT IS HEREBY ORDERED that a public hearing for the purpose of taking evidence on
the questions set forth in Section III hereof shall be convened at a time and place to be fixed
, and
before an Administrative Law Judge to be designated by further order as provided by Rule 110
of the
Commission’s Rules of Practice 17 C.F.R. § 201.110
.
IT IS HEREBY FURTHER ORDERED that the Respondent shall file an Answer to the
allegations contained
in this Order within ten (10) days after service of this Order, as provided by
Rule 220(b) of the
Commission’s Rules of Practice 17 C.F.R. § 201.220(b)
.
If the Respondent fails to file the directed Answer, or fails to appear at a hearing after
being duly
notified, the Respondent, and any successor under Exchange Act Rules 12b
-
2 or 12g
-
3, and any new corporate names of the Respondent, may be deemed in default and the
proceedings may be determined against it upon consideration of this Order, the allegations
of