My letter to the BCSC concerning BGM... I suggest people write or call the BCSC... Its the only way we can apply pressure for improvement.
Dear Mr. Holland,
Thank you very much for your prompt reply. I fully appreciate that you cannot comment publically on what of the Barkerville situation is not already in public domain.
However, my concerns right now, given the significant of money I have lost as result of this ‘situation’ is how to better protect investors. I understand from your colleagues whom I spoke with that the BCSC does not have the manpower to review all new releases, but perhaps ones that announce potentially significant material changes, particularly NI43-101 resources, should first be reviewed by the BCSC before they are released in order to better protect investors from such potentially financially harmful situations? As far as I concerned this Barkerville matter has been a complete disaster, which reflects very badly on Canada and the integrity, transparency, and regulation of its financial markets.
In addition, given the very significant concerns Barkerville has reported that the BCSC has raised, I am dumbfounded as to why this stock was not halted in order to better protect investors? People like me assume that the various market regulatory bodies will protect us from such situations, but if anything, I would argue that this Barkerville matter has exemplified significant flaws in the ‘system’.
I do not mean to be critical of you, as I understand your are a geologist working within the framework of the existing regulatory structure, but I do hope my concerns can perhaps be the subject of greater consideration by the Commission. This matter has been quite financially harmful to me, and I am sure also to many, many others. A company should not be able to release just about anything without some sort of review by the relevant regulatory bodies. When we see a NI43-101 resource announced in an news release, we should be able to have confidence that it is legitimate. After all, this NI43-101 compliance structure was I believe established to protect investors from such situations.
Best regards,