CALGARY, Aug. 26 /CNW/ - The Alberta Securities Commission (ASC) has
concluded a settlement with Foundation Capital Corporation, Spruce Ridge
Capital Inc., Spruce Ridge Estates Inc., Beyer Consulting Ltd., Ronald James
Aitkens and Roy Juergen Beyer regarding allegations they breached Alberta
securities laws by making misleading or untrue statements about the proposed
Spruce Ridge Estates real estate development project.
Under terms of the Settlement Agreement:
- Foundation Capital agreed to pay $100,000 in settlement and $20,000
- Aitkens agreed to pay $30,000 in settlement and $15,000 in costs;
- Beyer agreed to pay $20,000 in settlement and $5,000 in costs; and
- Spruce Ridge Capital and Spruce Ridge Estates undertook to file new
offering memorandums before selling any further securities.
Foundation Capital will also fund education and training programs by
agreeing to pay the ASC an additional $250,000 over the next three years to
fund the creation and delivery of a securities training course for
participants in the exempt market and committing to pay another $100,000 to
fund internal sales agent training.
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