ASC alleges Coastal Pacific Mining Corp. and related companies inflated prices for Coastal securities

CALGARY, Sept. 6, 2016 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing against Coastal Pacific Mining Corp. (Coastal), International Securities Group Inc. (ISG) and Caribbean Overseas Investments Ltd. (COIL), alleging breaches of Alberta securities laws. 

In the Notice of Hearing, ASC staff allege that Coastal, ISG and COIL breached sections 93(a)(i) and (ii) of the Act by engaging in an act, practice or course of conduct relating to Coastal securities that resulted in or contributed to a false or misleading appearance of trading activity in and an artificial price for those securities.

ASC staff further allege that the breaches of the Act by Coastal, ISG, and COIL constitutes conduct that is contrary to the public interest.

These allegations have not been proven.

In August 2013, the ASC issued a Cease Trade Order against Coastal that continues to remain in effect.

An appearance to set a date for a hearing will be held on September 7, 2016 at 9:00 a.m. in the ASC Hearing Room on the 5th floor, 250 – 5 Street S.W., Calgary, Alberta.

A copy of the Notice of Hearing can be found on the ASC website at www.albertasecurities.com.

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

For Media Inquiries: Nicole Tuncay, Senior Advisor, Communications, 403.297.4008; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488