Is Ian Alastair Gordon a reporting insider?

 

IMCO, the answer, according to the Ontario Securities Commission (and accepted by the BCSC), is yes, as Barkerville Gold Mines Ltd was seemingly required to file an issuer grant report within five days of BGM’s 2012-06-29 news release which granted 634,980 options to “certain directors, officers, employees and consultants of the company”.

 

The only unspecified options reported to sedi which are near to the applicable grant date are 20,000 to David McMillan , and these have a transaction date of 2012-07-20.

 

Based upon a preponderance of probabilities, Ian Alaistair Gordon would likely have been a recipient of some of the other 614,980 granted to “ certain directors, officers, employees and consultants of the company” on June 29, 2012 (seemingly, neither BGM nor any recipients other than David McMillan have filed the mandated reports to sedi).

 

Barkerville grants options for 634,980 shares

2012-06-29 20:15 ET - News Release

Mr. J. Frank Callaghan reports

BARKERVILLE GOLD MINES LTD.: GRANT OF STOCK OPTIONS

Barkerville Gold Mines Ltd., pursuant to its incentive stock option plan, has granted incentive stock options to certain directors, officers, employees and consultants of the company to purchase up to an aggregate of 634,980 common shares in the capital stock of the company. The options are exercisable at a price of $1.21 per share for a period of five years from the date of grant.

 

 

http://www.osc.gov.on.ca/documents/en/Securities-Category5/csa_20100430_55-315_faq-55-104.pdf

 

 

What information do I need to include in an issuer grant report?

Response

1. The issuer grant report must contain the information required by section 6.3 of NI 55-104.

2. An example of a report would be as follows:

On November 1, 2010, ABC Inc. granted a total of 1,000,000 incentive stock options to directors, officers,

employees and consultants of ABC Inc. Details of options granted to reporting insiders are:

Name Number of Options

[Insert name of recipient] 10,000

[Insert name of recipient] 10,000

[Insert name of recipient] 10,000

[Insert name of recipient] 10,000

[Insert name of recipient] 10,000

[Insert name of recipient] 10,000

[Insert name of recipient] 10,000

[Insert name of recipient] 10,000

TOTAL 80,000

These stock options have an exercise price of $2.00 and expire on October 31, 2015.

The options were granted under the stock option plan described in the ABC Inc. Information Circular dated

June 30, 2010.

3. The issuer grant report function on SEDI is subject to the following restrictions:

Title box character limit: 120

Text box character limit: 4,000

Private remarks to regulators box character limit: 256

 

7. If an issuer files an issuer grant report within the normal filing period (i.e., 10-days in the case of grants prior to

November 1, 2010, five days in the case of grants on or after November 1, 2010), but an insider then files an

insider report about the grant after the normal filing deadline has expired, will there be a late fee for that filing?

Response

Late fees will be levied based on the information we receive from issuers and reporting insiders. In the example above,

if the insider filed an insider report about a grant outside the normal filing period, and we levied a late fee based on this

filing, and the insider then advised us that the issuer had in fact filed an issuer grant report within the filing period, staff

would likely recommend a waiver of the late fee because the insider had an exemption available.

 

Please refer your questions to any of:

British Columbia Securities Commission

Alison Dempsey

Senior Legal Counsel, Corporate Finance

604-899-6638

[email protected]

April Penn

Assistant Manager

Financial, Insider and Exemptive Reporting

604-899-6805 [email protected]


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