Im not a securities lawyer but such a statement would appear to be a violation under section 400 of the Criminal Code. it is an indictable offence to engage in the following activities: make,circulate, or publish a prospectus,a statement or an account, whether written or oral, known to be false in a material particular with intent to deceive or defraud the members,shareholders or creditors, whether ascertained or not, of a company I believe this Criminal Code 400 may apply to an offence by IIROC as well where they clearly say this below on their website but don,t do it, it is very misleading and has helped lead many investors into these markets believing that they were protected, they may have been deceived and defrauded as a result. There is an email received by me from IIROC that says they don,t regulate the Venture, but a caption from the IIROC website, that says they do. I bolded the excerpt in my email where IIROC says they don,t, and I bolded the excerpt from IIROC,s website that says they do. This has been filed as incontested evidence and is only part of what has been documented to date. TSXV The TSX Venture Exchange (TSXV) is an exchange for small and medium-sized Canadian issuers. TSXV has retained IIROC to provide the following services: •Administer and enforce UMIR, and provide guidance regarding the application of UMIR •Monitor and review trade desk procedures of persons accessing the TSXV trading system •Impose trading halts or delays relating to market integrity matters and coordinate halts or delays with other marketplaces •Administer TSXVs timely disclosure requirements •Monitor compliance with TSXV policies relating to normal course issuer bids •Conduct certain post-trade analysis in respect of the Canadian Unlisted Board market iiroc.ca/industry/Pages/Equity-Marketplaces-We-Regulate.aspx The Email I sent to IIROC asking for help: To anyone who will listen, I, as a concerned shareholder of St Elias Mines Ltd (SLI), request that IIROC utilize its discretion under the TSX Policy 3.3 Timely Disclosure., of which IIROC are the Regulation Service Provider for such policy. More specifically, under Section 12, Breach of Policy, subsection (2) , I ask for IIROC to swiftly remove the BOD from SLI and impose prohibition upon same from serving as directors and/or officers in any other public traded company on the TSX-V Exchange. In the past, shareholders of SLI have been getting the runaround and passing the buck from various regulators, IIROC included, I ask that you act on behalf of shareholders promptly, whereas IIROC is already in receipt of clear instances of violation to the Policies and other applicable rules. I feel I need not cite every violation in conjunction with the broken rules, I feel your competence and professionalism will easily reveal perhaps even more violations than what the shareholders are witnessing. I feel comfortable in saying that this request, without limitation, may be endorsed by approximately 200 shareholders and public interests. To refresh; violations of NI 43-101 and applicable Timely Disclosure Policies consisted of, but not limited to; 1) The non reporting of azimuth nor dip of an extensive ~12,000 meter drill program of approximately 2 years ago. 2) The final results of an ongoing sampling of Hole #6 of the drill program approximately 2 years ago; the Company is in the process of completely sampling Drill Hole TE-11-06 from 60m to 170m on minimum 1.5-metre intervals to more accurately define a potential, bulk-tonnage mineralized target. (shareholders have never received these results while the CEO was constantly downloading her shares, as you can clearly see, the unreleased results could have possibly revealed a bulk-tonnage mineralized target in which may have been impressive the stock price and the value of the company, just one of many that creates the inability for shareholders to make a reasonable investment decision) 3)The released information of an extensive trenching program is inconclusive and vague as such, that it prevents any interpretation in regards to its findings within the property. 4) An actual statement of the results of 14 holes not reported upon in any news release. There are also grave concerns of entrenchment of management which fall under Corporate Governance. A request was recently made of the Exchange and regulators to alleviate this entrenchment, endorsed by over 200 signatures, so that shareholders may have the ability to salvage their investment before a severly depleted treasury runs dry. I ask for immediate acknowledgement of this request, whereas the current BOD seems unable to fill a required PP under unsual constant stock price pressure keeping the stock price below the required .05 level, and investors investment is at considerable risk due to a precariously low treasury. The trust of the current BOD has waned to less than 5% of the voted shares at the AGM a week or so ago and is an excellent indicator of that mistrust, not only by shareholders, but by the market as well. An unrecognized vote by the Chair of a Dec 2012 AGM had current management trust at just over 5% of the total vote. I alone have lost on paper approximately a half a million dollars, it was my families life savings, many other shareholders have lost most of their savings on paper as well. The losses here are extreme and affect many people, their families and their futures. It is a huge injustice that is happening to shareholders here, we deserve the chance to revive this company and secure our investment, will you help us? Thank you a very concerned shareholder, Rick Jewers Reply email Dear Mr. Jewers, Thank you for your email to the Investment Industry Regulatory Organization of Canada (IIROC), concerning St. Elias Mines, listed on the TSXV. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces. IIROC does not have regulatory jurisdiction over public companies or their officers, directors and employees. They fall under the regulatory jurisdiction of the provincial securities commissions. The principal regulator for St. Elias Mines is the British Columbia Securities Commission (BCSC). For your convenience I have included a link to the BCSC website contact information: BCSC contact info. Furthermore, as company disclosure issues and approvals therein also fall under the jurisdiction of the TSX Venture Exchange (TSXV), you may also wish to communicate with the TSXV directly. The TSX Venture Exchange may be reached by email at: complianceanddisclosure@tsxventure,or by telephone: 416-947-4670 or 1-888-873-8392 (toll free across Canada).
Posted on: Fri, 11 Apr 2014 06:49:11 +0000