NEX Symbol: COF.H
TORONTO, Nov. 9, 2011 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree"
or the "Company") announced today that the Ontario Securities
Commission ("OSC") has issued its sanctions order in connection with
the proceeding commenced by OSC staff against Coventree and one current
officer, Geoffrey Cornish, and one former officer, Dean Tai.
The OSC ordered Coventree to pay an administrative penalty of $1 million
and to pay $250,000 of the costs incurred by OSC staff in connection
with the hearing. The OSC also ordered that trading in any securities
by Coventree cease and that any Ontario securities law exemptions not
apply to Coventree until its winding up is completed, provided that
these orders will not prevent the winding up of Coventree or trades in
securities reasonably related to that winding up.
The OSC ordered that each of Messrs. Cornish and Tai pay an
administrative penalty of $500,000. The OSC also ordered that they be
reprimanded, resign any positions as a director or officer of a
reporting issuer other than Coventree, and not be permitted to act as a
director or officer of a reporting issuer other than Coventree for a
period of one year. The OSC did not prevent Messrs. Cornish and Tai
from seeking indemnification from Coventree with respect to the
administrative penalty payable by them.
The OSC did not issue reasons for its order at this time and indicated
that reasons would be issued in due course. The board of directors of
Coventree is considering the order and will issue further announcements
This press release is intended for distribution in Canada only.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Coventree Inc.
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