Notice

Commission Orders Administrative Penalties Against the Manitou Springs Group of Companies

In a decision dated May 26, 2004, the Commission ordered that the following companies each pay an administrative penalty of $15,000 for failure to comply with the continuous disclosure provisions of The Securities Act, 1988, decisions of the Commission, and undertakings given to the Commission:

Manitou Springs Venture Capital Corporation,
New Era Venture Capital Corporation,
Manitou Springs Hotel, Inc., and
Manitou Beach Mineral Pool Inc.

The Commission concluded that non-compliance by the companies has been continuous and flagrant, and that their conduct is highly prejudicial to the public interest.

The Commission also ordered:

• the companies to pay $11,720.09 in costs to be shared equally by them, and 

• to cease contravening the Act, Commission decisions, and undertakings made to the Commission relating to their continuous disclosure obligations.

May 26, 2004

Contact:  

Barbara Shourounis
Director
Securities Division
Saskatchewan Financial Services Commission
(306) 787-5842
bshourounis@sfsc.gov.sk.ca