Montréal - On April 29, 2013, Richard Silas, former officer and director of Northon Star Mining Corp., pleaded guilty to two charges of failing to file his reports on the changes in his control over securities of Northon Star Mining Corp. within the prescribed time period in November 2008 and April 2010. Richard Silas did not contest the fine of $8,000 sought by the Autorité des marchés financiers ("AMF").
The fine sought by the AMF was double the minimum penalty prescribed by the Securities Act, on account in particular of administrative penalties previously imposed on the respondent for similar failures.
Reminder for insider traders
The AMF reminds insiders that they have five days to report their transactions using the System for Electronic Disclosure by Insiders (SEDI) and that it will take the appropriate steps against insiders who repeatedly file their reports late. An insider who does not file his report on time commits a serious offence by depriving investors of information which could influence their investment decisions.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
- 30 -
Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
Twitter : @lautorite This link will open in a new window