Global 8 Environmental Technologies Inc GBLE

Were some Canadian Sales Illegal?

[mburns2000]

Every private placement transaction that G8, or its agents, made in Canada may be illegal. That’s the message behind the BC Securities Commission hearings, on Don Dyer/Pacific Ocean Resources, next fall. Mr Dyer was reputedly not registered to sell securities, nor had he filed a prospectus with the BCSC, when he collected $836,000 from approximately 85 investors in Canada and the US, between November 2005 and July 2009.

This claim is very similar to the Alberta Securities Commission allegations, made July 30 2009, that:

• between 2003 and 2009, Global 8 illegally raised in excess of $19.5 million from more than 950 Alberta investors without registration, a prospectus or appropriate exemptions; and
• Global 8 failed to file its Reports of Exempt Distribution within the time required by National Instrument 45-106 Prospectus and Registration Exemptions.

The same allegation could be also be made on behalf of the 40 known shareholder’s in Manitoba or 110 in Saskatchewan.

So far, BC is the only province talking about sanctions (against Dyer) and possible restitution. The fact five days have been allotted for that hearing shows the BCSC has a lot of evidence to present. (Most hearings take a day.) The proceeding begin September 30 2011.

The ASC investigation has not concluded and both the Saskatchewan and Manitoba Securities Commissions are carefully observing events.