Cease trade order against Orbite Aluminae Inc. maintained
Monday, March 05, 2012
Montréal – On March 2, 2012, following a joint request by the Autorité des marchés financiers (the "AMF") and Orbite Aluminae Inc., the Bureau de décision et de révision (the "Bureau") issued a temporary order to cease any activity in respect of a transaction in securities of this mining exploration company whose securities are trading on the TSX under the symbol ORT.
In the same decision, the Bureau also ordered Orbite Aluminae Inc. to file a technical report that complies with Regulation 43-101 respecting standards of disclosure for mineral projects with an effective date of November 23, 2011 and an effective date of November 24, 2011 relating to energy.
The Bureau also reserves the parties' rights to submit a request to lift the cease trade order against Orbite Aluminae Inc. after the company files an auditor's report with the AMF relating to certain non-compliant items on the technical report.
The cease trade order against Orbite will remain in effect until a technical report that complies with all of the provisions in Regulation 43-101 is submitted.
This decision is available on the Bureau de décision et de révision website.
On February 24, 2012, the Bureau had issued a temporary cease trade order against Orbite Aluminae inc. The AMF requested this order given that the technical report filed by Orbite Aluminae Inc. in January 2012 did not comply with the requirements of Regulation 43-101 respecting standards of disclosure for mineral projects. The AMF is of the opinion that the report contains several material shortcomings with respect to elements in the rare earths group. These shortcomings make it impossible to analyze all of the information used to establish the preliminary economic assessment presented in a press release issued in late November 2011 in which the elements in the rare earths group accounted for 56% of projected revenues for the Grande-Vallée project.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial industry.
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