Order: In the Matter of John Dzambazov

WHEREAS on July 4, 1995, the Ontario Securities Commission (the "Commission") issueda notice of hearing pursuant to subsection 127(1) of the Securities Act (the "Act") in respect of John Dzambazov ("Dzambazov");

AND WHEREAS Dzambazov entered into a settlement agreement dated April 12, 2000 (the"Settlement Agreement") in which he agreed to a proposed settlement of the proceeding, subject to the approval of the Commission;

AND UPON reviewing the Settlement Agreement and the statement of allegations of Staff of the Commission, and upon hearing submissions from Dzambazov and from Staff of theCommission;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;

IT IS ORDERED THAT:

(1) the Settlement Agreement dated April 12, 2000, attached to this Order, is hereby approved;

(2) pursuant to clause 2 of subsection 127(1) of the Act, Dzambazov is prohibited fromtrading in securities for a period of six years from the date of the Temporary Ordermade against him on January 15, 1996 except that Dzambazov will be permittedto trade for his personal account in mutual fund securities and securities describedin clauses 1 and 2 of subsection 35(2) of the Act;

(3) pursuant to clause 7 of subsection 127(1) of the Act, Dzambazov will resign from all positions he currently holds as a director or officer of a reporting issuer;

(4) pursuant to clause 8 of subsection 127(1) of the Act, Dzambazov is prohibited frombecoming or acting as a director or officer of a reporting issuer for a period of sixyears from the date of this Order; and

(5) pursuant to clause 6 of subsection 127(1) of the Act, Dzambazov is hereby reprimanded.

April 14th, 2000.

"Morley P. Carscallen"    "Robert W. Davis"