On November 3, 2006, Imperial Metals Corporation and its subsidiary CAT-Gold Corporation applied to the Commission under section 161(1) of the Securities Act, RSBC 1996, c.418 for an order to cease trade the shareholder rights plan of bcMetals Corporation so that Imperial could freely take up bcMetals shares under its bid without triggering the rights plan.
On November 6, 2006, bcMetals applied to the Commission under section 114 of the Act for an order that Imperial comply with the Act and give holders of bcMetals shares taken up by Imperial the right to withdraw them from the bid.
The BC Securities Commision ruled that Imperial did not have standing to apply for a cease trade order and bcMetals' application, was refused.
Fasken Martineau lawyers Mark D. Andrews, Andrew I. Nathanson, Tracey M. Cohen and Charlotte P. Bell appeared as counsel for Imperial Metals.
Imperial Metals Corporation, CAT-Gold Corporation and bcMetals Corporation, 2006 BCSECCOM 705