British Columbia Securities Commission

British Columbia Securities Commission

December 22, 2009 16:30 ET

British Columbia Securities Commission: Commission Panel Dismisses Application for Costs

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2009) - A British Columbia Securities Commission panel has dismissed an investment firm's request for costs related to an application for a hearing and review of a TSX Venture Exchange decision.

Geosam Investments Limited asked the panel to order costs against Cordy Oilfield Services Inc. and the TSX Venture Exchange. Geosam's request was in connection with its Oct. 30, 2009 application for a hearing and review of the exchange's decision to approve a private placement by Cordy.

The exchange decided not to defend its decision, and Cordy unwound the private placement.

In a separate application, Geosam argued that the panel should order costs in the public interest.

In dismissing the application, the panel found that the commission did not have the power to order costs against parties other than for the commission or the executive director.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website www.bcsc.bc.ca by typing in the search box, Geosam Investments Limited or 2009 BCSECCOM 749. If you have questions, contact Ken Gracey, media relations, 604-899-6577.

Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org.

Contact Information

  • British Columbia Securities Commission
    Ken Gracey
    Media Relations
    604-899-6577 or (Canada) 1-800-373-6393
    www.bcsc.bc.ca