Lateegra's president hit with fine, market ban by BCSC
Lateegra Gold Corp (C:LRG)
Shares Issued 27,279,415
Last Close 6/1/2007 $0.485
Monday June 04 2007 - News Release
Mr. Christopher Verrico reports
LATEEGRA PRESIDENT ANNOUNCES SETTLEMENT WITH BCSC
In Stockwatch news June 1, 2007, the British Columbia Securities Commission reported a settlement agreement made between the executive director of the BCSC and Lateegra Gold Corp.'s Michael Townsend. The settlement arose as a result of Mr. Townsend failing to file in a timely fashion, as is required, share transactions performed by him through an offshore account in two companies for which he served as a director at the time. One of those companies was Lateegra Gold. The BCSC stated that the period in question was between January, 2005, and August, 2006. On Aug. 30, 2006, Mr. Townsend filed the required insider reports. As a result of the agreement, Mr. Townsend has agreed to pay a fine totalling $41,250 for failure to file insider reports in a timely fashion, and has also agreed to a one-year ban on trading securities, except in limited circumstances. He has also agreed to resign from any position he holds as officer or director of any issuer, with the exception of Lateegra Gold, for which he will be entitled to remain as a director and officer. He is also prohibited from engaging in investor relations or acting as a director or officer of any other issuer for one year.
"The board of directors have spoken with Mr. Townsend concerning this and accepts his apology. He has stated his deep regret for this oversight, and has pledged to maintain greater vigilance over his reporting activities moving forward," said Chris Verrico, chief executive officer of Lateegra. "Michael has been an instrumental force behind Lateegra, having served as president and a director since Oct. 23, 2002, and we continue to support him through this process."
© 2007 Canjex Publishing Ltd.
