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Gold/Mining/Energy : ECHARTERS
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To: Bill Jackson who wrote (2084)12/23/1997 10:32:00 AM
From: Big Shorty  Read Replies (1) of 3744
 
Bill, no offence meant but you do not have your Canadian facts correct.
The minute that the offering was made here it became a public offering. Whether he selects a group of 50 is irrelivant, as per the interpretation of the securities laws here in Canada.
Quietly soliciting individuals to participate in a venture is quite different,(such as your friend does amongst the doctors and lawyers) than making an open offer as here on SI.
This is the very essence of your Reg D offerings in the US as set up by the SEC. Reg D's are supposed to be offered only to US resudents. The reason securities commissions are in place is to protect the rights of the constituents within a particular jurisdiction. You will note in the US you have the SEC but you also have State level securities laws. This is why having a 12G as a Canadian company does not give you the right to make a offering anywhere in the States withour blue-skying with particular States. The US Reg D Offering was designed to allow small companies to raise up to $1million through open solicitation. We have no such provision under the various securities commissions here in Canada.
Here in Canada we have only provincial Security Commissions and no National body. They all march to a different tune and ones needs to understand each.
Believe me Bill, I do a lot of financings on both sides of the border.
Jim Cox
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