TSE accuses broker of share fixing

Article Abstract:

Maison Placements Canada Inc.'s president, John Ing, has been accused by the Toronto Stock Exchange of tampering with the share price of thinly traded stock to give way to an C$8-million to C$10-million private placement. The stock exchange said that it was Ing who ordered the sale of 15,000 shares of the former Sonora Gold Corp. late in the day on Oct. 30, 1996. The order caused the share price of Sonora Gold to fall to 37.5 cents from around 45 cents. The stock exchange said that the sell order made possible the sale of shares and warrants in a private placement at an unreasonably low price.

Comment:

Sees president, John Ing, accused by Toronto Stock Exchange of tampering with share price of penny stock

Government regulation (cont), Securities Brokerage, Ontario, Stock Brokerage, Stockbrokers, Article, Maison Placements Canada Inc.

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Royal Oak receiver slaps 15-day deadline on CAW

Article Abstract:

PricewaterhouseCoopers Inc, the receiver for Royal Oak Mines, has given the Canadian Auto Workers 15 days to present a new buyer for the Giant gold mine in the Northwest Territories or present its own rescue plan. PricewaterhouseCoopers also reported that Miramar Mining Corp is the main bidder for the mine and that the mine may be closed temporarily. The receiver also said that it would not approve a binding agreement for the mine's sale until after Sep 27 and that the deadline for a competing bid from employees is Sep 22, 1999.

Canada, Legal issues & crime, Labor Unions and Similar Labor Organizations, Unions-Manufacturing

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