Hello, XXXX,
Your enquiry has been forwarded to the British Columbia Securities Commission (BCSC), as we are the regulator who issued the Cease Trade Order (CTO) for Metaverse Capital Corp. (Metaverse) on January 7, 2020.
In paragraph 8 of the CTO we have what we call a carve-out, which allows shareholders of Metaverse, who are not insiders or control persons, to sell their shares in a foreign market (a market outside of Canada). You must go through an investment dealer to do this. Here are instructions you can share with your dealer, if there is any issue:
We believe the “flag” seen is the one issued by IIROC under the Universal Market Integrity Rules (UMIR) - UMIR 9.1(1).
The process for these matters is as follows: The dealer acting for the shareholder should confirm the shareholder is not an insider/officer/director of the company.
The dealer should then email UMIRRequests@IIROC.ca with this information, and request an exemption of UMIR 9.1(1).
IIROC would then be in a position to grant this exemption to the dealer, who can then execute the proposed transaction outside of Canada on a foreign organized regulated market.
The dealer does not need to contact BCSC, as we have already given permission for this sale in our CTO.
We hope this information helps. If we can be of further assistance, please contact us again.
Thank you
Karen
Inquiries Officer
British Columbia Securities Commission
PO Box 10142, Pacific Centre
1200 - 701 West Georgia Street
Vancouver, BC V7Y 1L2
