Illegal Distributions - Ressources Pershimco inc. and president fined $82,500


Montréal - On February 10, 2014, Presiding Justice of the Peace Marie-Claude Bélanger of the Court of Québec, district of Rouyn-Noranda, imposed fines totalling $82,500 on Ressources Pershimco inc. and its former president, Roger Bureau, who were charged by the Autorité des marchés financiers ("AMF") with carrying out distributions in Québec without a prospectus.

More specifically, further to an agreement entered into by the parties, Ressources Pershimco inc. pleaded guilty to seven counts of illegal distributions and was fined a total of $52,500. As for Roger Bureau, he pleaded guilty to one count of aiding the company with carrying out distributions without a prospectus and was fined $30,000.

This case arose from audits conducted by AMF Corporate Finance of reports of exempt distributions (private placements) filed by Pershimco. The AMF investigation revealed that some investors did not qualify as family, friends or business associates of directors or officers of Pershimco or as accredited investors, as the case may be.

The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.

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