CALGARY, Oct. 10, 2012 /CNW/ - The Alberta Securities Commission (ASC) is seeking to reciprocate a cease trade order imposed by the British Columbia Securities Commission (BCSC) against Digagogo Ventures Corp.
On August 10, 2011, the BCSC ordered that Digagogo Ventures Corp. (Digagogo) cease trading because of failure to make proper disclosures in accordance with British Columbia securities laws. The BCSC determined that Digagogo had failed to disclose in filings and a news release the nature of Rene Branconnier's role in Digagogo as an officer, director and promoter, and also failed to disclose his provision of funds to purchase a control block of shares in 2010.
The BCSC cease trade order remains in effect, and ASC staff allege that Digagogo has distributed shares to Alberta residents. ASC staff seek reciprocation of the BCSC order to protect Alberta investors and the Alberta capital market.
It is anticipated that an ASC panel will consider this application in November 2012.
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
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Tamera Van Brunt
Director, Communications and Investor Education
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