Atacama International Inc. and Glenn Brian Grant settle with the ASC for breaching Cease Trade Order

CALGARY, AB, Dec. 2, 2024 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Atacama Resources International Inc. (Atacama) and Glenn Brian Grant for issuing securities in breach of an ASC Cease Trade Order (CTO).

On July 27, 2018, the ASC issued a CTO against Atacama for failing to file periodic disclosure as required under the Securities Act (Alberta). While subject to the CTO, Atacama traded in securities to a number of individuals, including Grant and individuals closely connected to the company. Grant authorized these trades and also engaged in acts, negotiations and conduct in furtherance of trades in securities of Atacama, in breach of the CTO.

Reporting issuers in Alberta that fall under Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets are defined as issuers whose securities are quoted only on a U.S. over-the-counter market and that have a significant connection to the province. In accordance with MI 51-105, Atacama is a reporting issuer in Alberta and is therefore subject to continuous disclosure requirements as prescribed by Alberta securities laws.

As part of the Settlement Agreement and Undertaking, Atacama and Grant paid the ASC $30,000. Grant agreed to resign all positions he may have as a director or officer of any reporting issuer, and be prohibited from acting as a director or officer of any reporting issuer for a period of five years. He has also undertaken to complete training in best practices for public company governance and disclosure.

The Settlement Agreement and Undertaking resolves the matters alleged in a Notice of Hearing issued September 9, 2024. As a result, the hearing into these allegations scheduled to commence on December 16, 2024 will not proceed.

A copy of the Settlement Agreement and Undertaking is available at asc.ca.

The ASC gratefully acknowledges the assistance of the United States Securities and Exchange Commission (SEC) in this matter.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting 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 please contact: For media inquiries: Tanja McMorris, Senior Advisor, Communications, [email protected]; For investor inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488, [email protected]