Connect with us

Financing News

ASC finds that Gerald Michael Budzinski breached Alberta securities laws; dismisses allegations of market manipulation

ASC finds that Gerald Michael Budzinski breached Alberta securities laws; dismisses allegations of market manipulation
Canada NewsWire
CALGARY, AB, Feb. 7, 2023

CALGARY, AB, Feb. 7, 2023 /CNW/ – The Alberta Securities Commission (ASC) has found tha…

Share this article:

Published

on

ASC finds that Gerald Michael Budzinski breached Alberta securities laws; dismisses allegations of market manipulation

Canada NewsWire

CALGARY, AB, Feb. 7, 2023 /CNW/ – The Alberta Securities Commission (ASC) has found that Gerald Michael Budzinski breached the Securities Act (Alberta) by failing to comply with securities law requirements related to insider reporting, early warning disclosure and take-over bids.

An ASC panel determined that, from August 2015 to June 2016, Budzinski attained control or direction over a significant number of shares of BCM Resources Corporation (BCM). The panel found that Budzinski failed to file insider trading reports and failed to make and file early warning disclosure, as required by the applicable regulations once he acquired control or direction over more than 10 per cent of BCM’s outstanding shares. The panel also found that Budzinski failed to meet take-over bid requirements that became applicable once he attained control or direction over more than 20 per cent of BCM’s outstanding shares.

The ASC panel dismissed allegations that Budzinski engaged in market manipulation.

The proceeding will now move into a second phase to determine what, if any, orders for sanction or cost-recovery ought to be made against Budzinski. The timing of the next steps will be set after hearing from the parties.

A copy of the decision is available on the ASC website at asc.ca.

The ASC gratefully acknowledges the assistance of the British Columbia Securities Commission and the Investment Industry Regulatory Organization of Canada (now the New Self-Regulatory Organization of Canada) 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

investment
tsxv-b
bcm-resources-corporation
bcm resources corporation
press-release

Share this article:

News Releases

Capella Announces Definitive Agreement for the Sale of is Central Norway Copper-Cobalt Projects to NickelX and Financing Update

Capella Announces Definitive Agreement for the Sale of is Central Norway Copper-Cobalt Projects to NickelX and Financing Update
Canada NewsWire
VANCOUVER, BC, Oct. 17, 2023

VANCOUVER, BC, Oct. 17, 2023 /CNW/ – Capella Minerals Ltd (TSXV: CMIL) (OTC…

Share this article:

Published

on

By

Continue Reading
News Releases

Goldgroup Announces Exercise of Cerro Prieto Purchase Option

Vancouver, British Columbia–(Newsfile Corp. – October 17, 2023) – Goldgroup Mining Inc. (TSX: GGA) (OTC PINK: GGAZF) (BMV SIX: GGAN.MX) ("Goldgroup" or…

Share this article:

Published

on

By

Continue Reading
News Releases

Colibri Provides Company Update

Dieppe, New Brunswick–(Newsfile Corp. – October 17, 2023) – Colibri Resource Corporation (TSXV: CBI) (OTC Pink: CRUCF) ("Colibri" or the "Company") is…

Share this article:

Published

on

By

Continue Reading

Trending