VANCOUVER, May 7 /CNW/ - The executive director of the British Columbia Securities Commission has issued a notice of hearing seeking an order that mining company president Ross Stanfield and his BC companies, Bul River Mineral Corporation and Gallowai Metal Mining Corporation provide a technical report for the Gallowai Bul River mining property in south eastern B.C.
The order seeks to require a technical report for the property, prepared by an independent qualified person, which is fully compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
The order sought would require Stanfield and the Companies to distribute the technical report, once confirmed to be compliant with NI 43-101, to existing and prospective shareholders of Bul River and Gallowai.
The notice says that Stanfield, through other companies he owns, controls all the voting shares of both Bul River and Gallowai. It also says that Bul River and Gallowai together have raised approximately $229 million from almost 3000 shareholders since 1980 by relying on exemptions from registration and prospectus requirements.
At a hearing on May 27, the Executive Director will ask that Stanfield be ordered to obtain and disseminate the required technical report to current shareholders and potential investors.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You can view the settlement agreement on our website www.bcsc.bc.ca by typing in the search box Bul River or 2010 BCSECCOM 238. If you have questions, contact Brenda-Lea Brown at 604-899-6554.
Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org.
SOURCE British Columbia Securities Commission
For further information: For further information: Brenda-Lea Brown at (604) 899-6554