CALGARY, Jan. 14 /CNW/ - The Alberta Securities Commission (ASC) has
concluded a settlement with Rene Laprade, former director of Sahara Energy
Ltd. and former director, C.E.O. and president of Mirage Energy Ltd. regarding
allegations that he engaged in illegal insider trading of Mirage Energy
securities in February 2008.
Laprade agreed to pay the ASC $10,000 to settle the allegations against
him, plus $500 towards costs of the ASC investigation. Laprade also undertook
to cease trading in securities and to refrain from relying on exemptions and
from acting as a director of any issuer for 12 months.
In the settlement agreement, Laprade admitted that he was aware of a
business combination between Sahara Energy and Mirage Energy and sold his
shares of Mirage Energy before the agreement was disclosed to the public. By
doing so, he avoided a financial loss of $3,000.
A copy of the settlement agreement is posted on the ASC website at
The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted to foster a fair and efficient
capital market in Alberta and to protect investors. As a member of the
Canadian Securities Administrators, the ASC works to improve, coordinate and
harmonize the regulation of Canada's capital markets.
For further information:
For further information: For Media Inquiries: Mark Dickey, Senior
Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public
Inquiries, Toll Free 1-877-355-4488