| THE SECURITIES ACT | ) |
Order No. 4510 |
) |
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| Section 148 | ) |
July 5, 2004 |
MERCANTILE INTERNATIONAL PETROLEUM INC.
WHEREAS:
(A) By Order No. 4492 (the "Order") of The Manitoba Securities Commission (the "Commission") dated June 22, 2004, issued pursuant to section 148(1) of The Securities Act (the "Act"), trading in the securities of Mercantile International Petroleum Inc. (the "Issuer") was directed to cease forthwith for a period of fifteen days from June 22, 2004 until July 6, 2004 for the failure of the Issuer to file with the Commission a copy of its audited annual and interim financial statements (the "Audited Financial Statements") for the year ended December 31, 2003 and for the three month period ended March 31, 2004 as required by section 120(1) and 129(5) of the Act;
(B) A copy of the Audited Financial Statements has not yet been filed with the Commission;
(C) On the basis of the foregoing, I am of the opinion that it is in the public interest that the direction to cease trading in the securities of the Issuer set out in the Order should be extended until such time as the Issuer complies with the requirements of Part XII of the Act.
I HEREBY ORDER pursuant to a delegation to me by the Commission under subsection 4(1) of the Act of the powers in that behalf:
1. THAT, pursuant to section 148(1) of the Act, the direction to cease trading in the securities of the Issuer set out in the Order is hereby extended until such time as:
(a) the Issuer becomes current in its filings with the Commission under Part XII of the Act and pays all outstanding fees to the Commission; and
(b) the Issuer submits a written request to the Commission to have this order revoked.
DIRECTOR