Starburst Energy Corp - Cease Trade Company
Starburst Energy Corp
SBR
Shares issued 3,603,181
1899-12-30 close $0
Tuesday Apr 10 1984
Cease Trade Company
Effective at the opening of trading on Wednesday, April 11, 1984,
trading in the shares of the Company will be suspended. Trading in the
Company's shares will be reinstated if, and when, on or before June 10,
1984, the following have occurred:
(a)
Julius Karosen, Laurie Brown and Kenneth Charpentier resign as
directors and officers of the Company and other individuals,
acceptable to the Exchange, have been appointed or elected in their
place;
(b)
Julius Karosen, Laurie Brown, Kenneth Charpentier and Susan
Robertson dispose of the Company's escrow which they own to
the individuals appointed or elected in their place;
(c)
Leslie Price resigns as a management consultant to the Company;
and
(d)
The Company's head office is relocated from its current premises.
If all of the above-noted have not occurred before the close of business
on June 10, 1984, the shares of the Company will be delisted from
trading on the Exchange.
In addition to the foregoing, the Exchange declared that:
(a)
It will not accept Kenneth Charpentier, Laurie Brown, Julius
Karosen or Susan Robertson as directors or officers of any
Exchange-listed company for a minimum of six months; and
(b)
It will not accept Leslie Price as a director or officer of any
Exchange-listed company, or as a management consultant to any
Exchange-listed company, for a minimum period of one year.
The above-noted Exchange decision was made because the management
of the Company did not adhere to the Exchange's timely disclosure
policy and published misleading information concerning the results of
mineral exploration work being conducted on the Company's "Sleepy
Hollow Claims" located near Wenatchee, Washington.
For further information, please refer to the Exchange's Supplementary
Notice dated April 9, 1984, a copy of which is available from the
Exchange Listings Department.
Trading in the Company's shares will remain halted for the duration of
today's trading session.
This Supplementary Notice supplements the Exchange Notice dated
April 10, 1984.
1.
No timely disclosure release publicly announcing the material facts
relating to the Company's proposed participation in explorating for
minerals on the Sleepy Hollow Claims ("Claims") was made by the
Company in late March, 1983.
2.
No timely disclosure release publicly announcing the material facts
of the Company's termination of its proposed participation in
exploring for minerals on the Claims was made by the Company in
late May, 1983.
3.
No timely disclosure release publicly announcing the material facts
of its proposed participation in exploring for minerals on the Claims
was made by the Company in or about September, 1983, at a time
when its common shares were in the course of primary distribution.
4.
The letter dated October 31, 1983, to the Company's shareholders,
omitted the material fact that drilling on the first hole had been
terminated due to continued caving and poor core recovery.
5.
The Company's News Release dated November 24, 1983 was
misleading because:
(a)
the abandonment and results of the drilling on the first drill hole
were omitted;
(b)
the statement that core from the first hole had been "submitted for
assay" was incorrect (core from that hole had not been, and never
was, submitted to assay); and
(c)
the results of assays conducted on the "cuttings" taken during the
drilling of the second hole, were omitted. Those results were:
INTERVAL OZ TON/SILVER OZ GOLD/TON
155-190 .18 .003
190-220 .06 .003
220-250 .05 .012
250-280 .06 .020
280-310 .07 .012
310-340 .20 .054
6.
The Company's News Release dated December 7, 1983 was
misleading because:
(a)
the Cumo Resources Ltd. announcement of the same date was not
disclaimed or accurately corrected by the Company;
(b)
the statement that the three diamond drill holes were spaced
"approximately 1,000 feet apart" was incorrect (the first two holes
had been drilled from the same drill site, and the third hole was
located about 800 feet away from the site of the first two holes);
(c)
the statement that "the three holes....had positive results" was
incorrect (the only "results" which were available at that time were
the results from the cuttings from the second hole referred to in
subparagraph 5 (c) above);
(d)
the statement that "gold mineralization" had been "discovered in the
previous core sections" was not correct because no assay results
on core were available at that time; and
(e)
the abandonment and results of the drilling on the first hole were not
disclosed.
7.
The Company's Quarterly Report, dated May 9, 1983 did not
contain the required disclosure relating to the proposed
participation in exploring for minerals on the Claims.
8.
The Company's Quarterly Report dated July 14, 1983 did not
contain the required disclosure relating to the termination of its
proposed participation.
9.
The Company's Quarterly Report dated October 10, 1983 did not
contain the required disclosure relating to the proposed
participation or the progress of the work being conducted on the
Claims.
10.
Mr. Leslie Price, during the period July 8, 1983 to December 9,
1983, purchased Series "A" Warrants of the Company with the
effect of unduly disturbing the normal position of the market for the
Series "A" Warrants and created an abnormal market condition in
which the market price of the Series "A" Warrants did not reflect
their value at the time. |
