Decisions and Freeze and cease trade orders Securities
Montréal - Following a joint request by the Autorité des marchés financiers(the AMF) and Orbite Aluminae Inc., the Bureau de décision et de révision(the Bureau) today lifted the order to cease any activity in respect of a transaction in securities of this mining exploration company, whose securities are listed on the TSX under the symbol ORT.
The lifting of the order follows the filing of an auditor's report regarding certain items of the technical report filed by the company on January 12, 2012 that were found to be non-compliant with Regulation 43-101 respecting standards of disclosure for mineral projects (pdf - 543 KB)This link will open in a new window.
Based on the auditor's report released on March 30, 2012 and available on SEDAR This link will open in a new window, investors are now aware of the nature of the main changes that will be made to the revised technical report to which they can refer in the coming weeks. The auditor's report includes additional information on the samples and chemical analyses used to determine the grades of the rare earth mineral resources.
Under these circumstances, the AMF believes that the market now has sufficient information about the technical report to allow investors to make an informed decision regarding the securities of Orbite pending publication of the revised technical report that complies with the provisions of Regulation 43-101, which should be submitted via SEDAR by the company by May 31, 2012.
This decision will soon be available on the Bureau de décision et de révision website.
On March 2, 2012, the Bureau issued a cease trade order against Orbite Aluminae Inc. This order followed a temporary order issued February 24, 2012. The AMF requested that this type of order be issued given that the technical report filed by Orbite Aluminae Inc. in January 2012 did not comply with the requirements of Regulation 43-101.
In its decision issued March 2, 2012, the Bureau also ordered Orbite Aluminae Inc. to file a technical report that complies with Regulation 43-101 with an effective date of November 23, 2011 and an effective date of November 24, 2011 relating to energy. The Bureau also reserved the parties' rights to submit a request to lift the cease trade order against Orbite Aluminae Inc. after an auditor's report was filed with the AMF regarding items 7 to 14 and 21 of the non-compliant technical report.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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