THE SECURITIES ACT | ) |
Order No. 4890 |
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Section 20(1) | ) |
September 28, 2005 |
TRIDENT RESOURCES CORP.
WHEREAS:
(A) Application has been made by Trident Resources Corp. (the "Issuer") to The Manitoba Securities Commission (the "Commission") for an order pursuant to subsection 20(1) of The Securities Act, R.S.M. 1988, c. S50 (Manitoba) (the "Act") that certain trades of common shares and units of the Issuer be exempt from sections 6 and 37 of the Act;
(B) The Issuer has represented to the Commission that:
1. Pursuant to subscription agreements dated July 21, 2005, two investors committed to contribute aggregate amounts in excess of $97,000 each by subscribing for common shares and units of the Issuer (the "Securities");
2. Each trade was intended to be made in reliance on the exemption from the registration and prospectus requirements of the Act found in subsection 19(3) and clause 58(1)(a) of the Act;
3. Due to an oversight, the Form 8 reports were not been filed with the Commission in respect of the trades, within the 10 day period prescribed by section 7 of the Securities Regulation;
4. Section 7(5) of the Securities Regulation states:
7(5) Where a trade that is required under this section to be reported to the commission is not so reported, the vendor is not entitled, with respect to that trade, to the benefit of any exemption from registration conferred by clause 19(1)(c) or subsection 19(3) of the Act, or by section 90 of this regulation.
5. Each of the investors has signed a consent and acknowledgement to the effect that it consents to the issuance of an order in favour of the Issuer by the Commission on the basis herein set out and waives certain rights that it otherwise would have if an order did not issue.
(C) The Commission is of the opinion that it would not be prejudicial to the public interest to grant the order requested.
IT IS ORDERED:
1. THAT, pursuant to section 20(1) of the Act, the Issuer is exempt from the requirements of sections 6 and 37 of the Act in connection with the trades of Securities to the investors provided that:
(a) each of the investors receives a copy of this Order;
(b) a report of trade in Form 8 be filed with the Commission.
2. THAT the fee for this order shall be $1,000.00.
BY ORDER OF THE COMMISSION
Deputy Director