VANCOUVER, June 25, 2014 /CNW/ - In a settlement agreement with the British Columbia Securities Commission (BCSC), Robert Launder has admitted that he sold shares of Baja Mining Corp. while in a special relationship with the company, and while in possession of material facts concerning a cost review that had not been generally disclosed. Launder lives in Princeton, B.C.
The agreement states that Launder, a chartered accountant and mining cost analyst, was the Manager of Project Controls for Minera Y Metalurgica Del Boleo S.A. de C.V. (MMB), a subsidiary of Baja. Launder was integrally involved in the preparation of a cost review for Baja's sole asset, a joint venture interest in the Boleo copper mine project. The cost review ultimately identified a projected cost overrun of approximately $246 million for the Boleo project.
The agreement states that in light of the pending release of the cost review, Baja implemented trading blackout periods with respect to Baja shares, including a blackout from April 10 to April 25, 2012. During the blackout, insiders and employees of MMB, among others, were prohibited from trading in Baja shares.
Launder was aware of the trading blackout, and as a member of the team that developed the cost review, he knew about the cost overruns long before it was disclosed to the public. He acknowledged that on April 20, 2012, while in a special relationship with Baja, and with knowledge of the cost review before such information was generally disclosed, he sold shares of Baja contrary to securities laws regarding insider trading.
Launder has agreed to pay $24,350 to the BCSC. He is also prohibited from purchasing or trading securities of any issuer with whom he is in a special relationship for a period of three years.
You may view the settlement agreement on our website www.bcsc.bc.ca by typing Robert Launder, or 2014 BCSECCOM 245 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE: British Columbia Securities Commission
For further information: Media Contact: Richard Gilhooley, Media Relations, 604-899-6713; Public inquiries: 604-899-6854 or 1-800-373-6393 (toll free)