Deep Well Oil and Gas Inc. settles with the ASC for breaching cease trade order
CALGARY, AB, May 18, 2021 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Deep Well Oil and Gas Inc. in connection with the issuance of securities in breach of an ASC cease trade order (CTO).
Under Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets, reporting issuers in Alberta are defined as issuers whose securities are quoted only on a U.S. over-the-counter market and that have a significant connection to Alberta. In accordance with MI 51-105, Deep Well is a reporting issuer in Alberta and is therefore subject to continuous disclosure requirements as prescribed by Alberta securities laws.
On February 4, 2016, the ASC issued a CTO against Deep Well for failing to file periodic disclosure as required under the Securities Act (Alberta). While subject to the CTO, Deep Well issued common shares to specific option holders in breach of the CTO.
As part of the Settlement Agreement and Undertaking, Deep Well has undertaken to cancel all common shares it issued in breach of the CTO and has paid the ASC $15,000. Deep Well provided exemplary cooperation in the investigation as outlined in ASC Policy 15-601 Credit for Exemplary Cooperation in Enforcement Matters.
A copy of the Settlement Agreement and Undertaking is available on the ASC website at 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: Theresa Schroder, Senior Advisor, Communications, 587.830.4286; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488
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