her name is Karen lolThank you for contacting the British Columbia Securities Commission (BCSC) regarding the Cease Trade Orders (CTOs) for Idaho Copper Corporation (Idaho Copper) and Multi-Metal Development Ltd. (Multi-Metal).
On March 17, 2023, the BCSC issued a
CTO for Idaho Copper and Multi-Metal until they filed the required Material Change Report and news release for their first time disclosure of mineral reserves, as required under section 7.1 of National Instrument 51-102
Continuous Disclosure Obligations.
On March 20, 2023, the BCSC issued an Amended CTO to include the required filing of a technical report to support the CuMo Disclosure, as Idaho Copper had disclosed results of a pre-feasibility study in its corporate video dated January 31, 2023.
As you can see from the
Amended CTO issued April 14, 2023, Multi-Metal has filed the required records; however, Idaho Copper has not filed the additional required records. Multi-Metal is now also required to file a technical report to support the Multi-Metal CuMo Disclosure it made, in writing, via the Twitter video.
We refer you to the last full paragraph of each of the CTOs, which states that shareholders who are not, and were not, insiders or control persons of Multi-Metal, may sell their securities acquired before the date of the CTO, if the sale is made on a market outside Canada, and the sale is made through an investment dealer registered in BC (you cannot do this through an online trading account).
We also refer you to the news release and material change report filed by Multi-Metal on
SEDAR, which further explains the issues and why CTOs were issued.
We hope this information helps.
Karen Hefferland Inquiries Officer