CALGARY, March 22 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated a British Columbia Securities Commission (BCSC) order and banned trading in Black Sand Equity Management Ltd. securities until such time, if ever, as the BCSC order is revoked.
The ASC panel based its reciprocal order on a BCSC order dated December 30, 2009 that ordered trading in Black Sand Equity Management securities cease until Black Sand Equity Management files a technical report in the required form regarding its Tulameen property and the BCSC Executive Director revokes the order. The ASC panel received evidence from ASC staff that Black Sand Equity Management distributed securities to 20 Alberta investors, raising $377,000. The ASC panel concluded that "an order reciprocating the BCSC Order will, in the public interest, protect Alberta investors and the Alberta capital market from the risk of harm posed by Black Sand."
A copy of the decision is available on the ASC website at www.albertasecurities.com.
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.
SOURCE Alberta Securities Commission
For further information: For further information: For Media Inquiries: Tamera Van Brunt, Director, Communications and Investor Education, (403) 297-2664; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488