BCSC finds miner and two BC men illegally distributed securities
TORONTO (miningweekly.com) – A British Columbia Securities Commission (BCSC) panel has found that a British Columbia mining company and two residents in the province had engaged in illegal distributions.
The BCSC on Tuesday said the panel had found that Cinnabar Explorations, its CEO and director Christopher James Bass and Dale Zucchet, who solicited investors on behalf of the company, illegally sold shares to seven investors between April and July 2011.
Cinnabar had never filed a prospectus in British Columbia. The company claimed that the seven investors fell under the family, friends and business associates and accredited investors’ exemptions in the securities rules. The panel found they did not.
Bass was a securities broker from 1986 to 1987. In 1988, the BCSC sanctioned him.
The panel also found that Zucchet made misrepresentations about the shares when he was soliciting investors. He talked about Cinnabar going public. This was untrue. He also counselled an investor to buy shares illegally.
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings. A hearing on sanctions was scheduled for the week of October 7.
The BCSC also named Daniel Grant McGee in its notice of hearing. That hearing was scheduled for December 4.
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