IN THE MATTER OF YBM MAGNEX INTERNATIONAL
TORONTO, Aug. 17 /CNW/ - The Ontario Securities Commission announced today that the hearing scheduled to proceed on August 19, 1998 in connection with YBM Magnex International Inc. has, on consent, been adjourned sine die, not to be brought back on by YBM unless and until YBM has filed with the Commission audited financial statements.
On May 28, 1998 the Commission issued an order that the Temporary Cease Trading Order respecting securities of YBM, issued by the Commission on May 13, 1998, continue until the hearing is concluded.
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, as amended
AND
YBM MAGNEX INTERNATIONAL INC.
ORDER
WHEREAS on May 13, 1998, the Ontario Securities Commission (the
''Commission'') issued a temporary order (the ''Temporary Cease Trading Order'') pursuant to Sections 127(1) and (5) of the Securities Act R.S.O. 1990 c. S. 5 , as amended (the ''Act'') ordering that trading in any securities of YBM Magnex International Inc. (''YBM'') immediately cease for a period of fifteen days from the date of the Temporary Cease Trading Order, unless extended by order of the Commission;
AND WHEREAS on May 26, 1998, the Commission issued a Notice of Hearing and related Statement of Allegations of Staff in connection with the Temporary Cease Trading Order, giving notice that the Commission will hold a hearing (the ''YBM Hearing'') pursuant to Section 127 of the Act at its offices on the 8th Floor, 20 Queen Street West, Toronto, Ontario commencing on May 28, 1998 at 9:30 a.m. or so soon thereafter as the hearing can be held;
AND WHEREAS on May 28, 1998, the Commission issued an order, pursuant to Section 127(7) of the Act, that the Temporary Cease Trading Order be extended and that trading in any securities of YBM continue to cease until the YBM Hearing is concluded, and the Commission further ordered that the YBM Hearing is adjourned to June 12, 1998;
AND WHEREAS on June 12, 1998, the Commission announced that the YBM Hearing will proceed on August 10, 1998;
AND WHEREAS on August 6, 1998 the Commission ordered, on consent, that the YBM Hearing be adjourned to August 19, 1998;
AND WHEREAS upon being advised that Staff and counsel for YBM consent to an order by the Commission to adjourn sine die the YBM Hearing, not to be brought back on by YBM unless and until YBM has filed with the Commission audited financial statements;
IT IS HEREBY ORDERED that the YBM Hearing is adjourned sine die not to be brought back on by YBM unless and until YBM has filed with the Commission audited financial statements.
DATED at Toronto this 17th day of August, 1998
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(signed)
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For further information: Reference: Dan Iggers, Secretary to the
Commission, (416) 593-8212
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