The BC Securities Commission has issued a cease-trade order for Pan Andean Minerals Ltd. (TSX-V:PAD).
Share price: $0.02
Cease-traded June 29: for failing to file interim financial report and management discussion and analysis. According to a company news release, Pan Andean “lacks the necessary funds to pay the auditor” for audited financial statements. It adds that the filings have also been delayed due to the acquisition of two properties in Peru in 2016.
The acquisitions were completed in August 2016 by BCGold Corp., which changed its name to Pan Andean in March 2017.
According to the company’s last interim financial statements in January, it had a net loss of $692,126 in its first three quarters. The company stated in a news release that it is planning to raise $1.36 million through a private placement and plans to file its financials on July 15.
Mountainstar Gold to face securities commission hearing
The CEO of a junior exploration company, Mountainstar Gold Inc. (CSE:MSX), will be called before a BC Securities Commission (BCSC) panel to answer charges he made false or misleading statements in public filings over disputed mineral claims in Chile.
The BCSC says Mountainstar CEO Brent Hugo Johnson is liable for the misconduct. The allegations, which haven’t been proven in court or by a hearing panel, date back to 2011, when the company announced plans to obtain interests in mineral claims in Chile. The company announced plans to obtain a 50% stake in mineral claims owned by Jorge Rodrigo Lopehandia.
But those claims overlap other claims, according to the BCSC, and Lopehandia has been embroiled in a legal dispute with Barrick Gold Corp. (TSX:ABX) over the Mina Pascua deposit.
In its management discussion and analysis (MD&A) filings, Mountainstar repeatedly claimed that Lopehandia owns the claims, despite his failure to have them recognized by Chilean courts, according to the BCSC.
Mountainstar claimed in a number of MD&A filings that the company’s lawyer had received “clean titles” to Mina Pascua.
“This was false or misleading given that the mining agent for Barrick’s Chilean subsidiary was the registered owner of the Tesoro concessions,” the BCSC states.
For its part, Mountainstar says it has been libelled by regulators and Barrick and claims that it has received court approval in Chile to issue “international subpoenas” against the BCSC, the Toronto Stock Exchange, “insiders of Barrick Gold” and “prominent politicians of Canada.”
An initial hearing has been set for August 22.