Mutual Reliance Review System for Exemptive Relief Applications – issuer deemed to have ceased to be a reporting issuer.
Ontario Statutes
Securities Act, R.S.O. 1990, c.S.5, as am., ss. 83.
February 28th, 2006
Osler, Hoskin & Harcourt LLP
1000 de La Gauchetière Ouest
Montréal, Québec H3B 4W5
Attention: Jonathan Naimark
Dear Mr. Naimark:
Re: YMG Capital Management Inc. (the "Applicant") – Application to Cease to be a Reporting Issuer under the securities legislation of Alberta, Manitoba, Newfoundland and Labrador, Nova Scotia, Ontario, Québec, and Saskatchewan (the "Jurisdictions")
The Applicant has applied to the local securities regulatory authority or regulator (the "Decision Maker") in each of the Jurisdictions for a decision under the securities legislation (the "Legislation") of the Jurisdictions to be deemed to have ceased to be a reporting issuer in the Jurisdictions.
As the Applicant has represented to the Decision Makers that,
1. the outstanding securities of the Applicant, including debt securities, are beneficially owned, directly or indirectly, by less than 15 security holders in each of the jurisdictions in Canada and less than 51 security holders in total in Canada;
2. no securities of the Applicant are traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation;
3. the Applicant is applying for relief to cease to be a reporting issuer in all of the jurisdictions in Canada in which it is currently a reporting issuer; and
4. the Applicant is not in default of any of its obligations under
the Legislation as a reporting issuer,
each of the Decision Makers is satisfied that the test contained
in the Legislation that provides the Decision Maker with the jurisdiction
to
make the decision
has been met and orders that the Applicant is deemed to have ceased
to be a reporting issuer.
"Chalie MacCready"
Assistant Manager, Corporate Finance
Ontario Securities Commission