VANCOUVER, BC, June 1, 2022 /CNW/ - A former director and chief financial officer of a mining exploration company has agreed to a suspension from market activities and has paid $10,000 to the British Columbia Securities Commission for his role in the company's misrepresentation in a news release and a misleading material change report.
The company, formerly known as New Point Exploration Corp., announced in a news release in July 2018 that it had raised approximately $1.7 million through a private placement. The company, which has since changed its name to Bam Bam Resources Corp., also filed that same information in a material change report.
Norman George Wilfred Wareham, who was a director and CFO of New Point from March 2018 to August 2018, admitted that New Point did not disclose that it had already spent or owed $960,000 of the funds on consulting fees.
In the settlement, Wareham agreed that:
By omitting the information about consulting fees from the news release, New Point made a statement while engaging in investor relations activities that it ought to reasonably have known was a misrepresentation under B.C.'s Securities Act
By omitting the same information from its material change report, New Point made a statement filed under the Act that was misleading
By operation of the Act, he violated the same provisions as the company.
Wareham, who lived in North Vancouver at the time of the violations, is prohibited for three years from becoming or acting as a director or officer of any reporting issuer, becoming or acting as a registrant or promoter, and advising or acting in a management or consultative capacity in the securities or derivatives markets.
Bam Bam is a reporting issuer in B.C. and its shares trade on the Canadian Securities Exchange.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
A securities market that is fair and warrants public confidence
A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
View original content: http://www.newswire.ca/en/releases/archive/June2022/01/c1522.html