GR Capital and its president, Glen Harper, have had their trading privileges suspended as part of a settlement agreement after allegedly violating certain takeover bid provisions of the Ontario Securities Act, the Canadian Business Corporations Act and the General Bylaw of The Toronto Stock Exchange.
The suspensions — 180 days and 90 days respectively — were ordered in connection with common share purchases of Waddy Lake Resources (TSE), a Calgary-based diamond and gold explorer, between May 1987 and April 1990. Under the settlement agreement approved by the Ontario Securities Commission, GR Capital and Harper must reduce their combined 24.2% interest in Waddy Lake to 10% within 30 days. The violators have agreed to sell the 755,114 common shares at not less than 17 cents per share.
GR is a wholly owned subsidiary of Golden Rule Resources (TSE), which has a 22.4% stake in Waddy Lake.
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