TORONTO, Nov. 13 /CNW/ - Geosam Investments Limited ("Geosam") announces that the British Columbia Securities Commission ("BCSC" or the "Commission") has stayed the decision of the TSX Venture Exchange (the "Decision") approving Cordy Oilfield Services Inc.'s ("Cordy") $4.8 million private placement (the "Private Placement"). Yesterday, the BCSC issued a ruling ordering Cordy to "deposit $4.8 million (an amount equal to the proceeds of the private placement) in trust with its legal counsel, or make another arrangement approved by the Commission that preserves the proceeds of the private placement". The BCSC also agreed to hear Geosam's application to reverse the Decision on an expedited basis. The hearing is scheduled for November 25, 2009. Additionally, the BCSC directed Cordy to disclose to the parties involved in the hearing the identities of all purchasers that acquired securities under the Private Placement.
In its press release dated November 5, 2009, Geosam announced its application to the BCSC to reverse the Decision and its request for a stay of the Decision to prevent Cordy from using the proceeds of the Private Placement or, in the alternative, expedite the requested hearing. Geosam announced its intention to file an application to the Commission in a press release dated October 26, 2009.
Geosam notes that the BCSC issued its ruling notwithstanding an undertaking by Cordy, submitted to the BCSC on November 9, 2009, "that it will carry out only those activities and incur only those expenses that arise during the ordinary course of business, pending the decision of the British Columbia Securities Commission ..., unless relieved from doing so by order of the Commission or Court or other tribunal of competent jurisdiction."
Geosam looks forward to its application being heard by the BCSC.
The full text of the ruling can be found on BCSC's website under subsection Decisions & Orders, or at the following address: http://www.bcsc.bc.ca/comdoc.nsf/comdoc.nsf/webpolicies/E3F403A4B8CE1EFD8825766C00795459?OpenDocument
Cautionary Information regarding forward-looking statements:
Statements about the intentions of Geosam and all other statements in this release other than historical facts constitute forward-looking statements. The statements are not a guarantee as to future performance and involve risks and uncertainties that are difficult to predict. The statements are based upon Geosam's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Geosam disclaims any obligation to update or revise information in this news release based on new information or otherwise, unless required by law.
SOURCE GEOSAM INVESTMENTS LIMITED
For further information: For further information: Garen Mikirditsian, Investment Manager, Geosam Investments Limited, (416) 855-1928