Order: In the Matter of Alka Singh and Mine2Capital Inc.

Order
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IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED

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IN THE MATTER OF
ALKA SINGH AND MINE2CAPITAL INC.

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IN THE MATTER OF A
SETTLEMENT AGREEMENT BETWEEN STAFF
OF THE ONTARIO SECURITIES COMMISSION AND
ALKA SINGH AND MINE2CAPITAL INC.

ORDER
(Subsections 127(1) and 127.1)



            WHEREAS on March 25, 2014, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to subsections 127(1) and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) to consider whether it is in the public interest to make orders, as specified therein, against and in respect of Alka Singh and Mine2Capital Inc. (the “Respondents”) .  The Notice of Hearing was issued in connection with the allegations as set out in the Statement of Allegations of Staff of the Commission (“Staff”) dated March 25, 2014;

            AND WHEREAS the Respondents entered into a Settlement Agreement with Staff dated March 24, 2014 (the “Settlement Agreement”) in which the Respondents agreed to a proposed settlement of the proceeding commenced by the Notice of Hearing dated March 25, 2014, subject to the approval of the Commission;

            AND WHEREAS on March 25, 2014, the Commission issued a Notice of Hearing pursuant to section 127 of the Act to announce that it proposed to hold a hearing to consider whether it is in the public interest to approve a settlement agreement entered into between Staff and the Respondents;

            AND UPON reviewing the Settlement Agreement, the Notices of Hearing, and the Statement of Allegations of Staff, and upon hearing submissions from counsel for the Respondents and from Staff;

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

        IT IS HEREBY ORDERED THAT:                      

  1. The Settlement Agreement is approved;
  2. Pursuant to clause 2 of subsection 127(1) of the Act, trading in any securities or derivatives by the Respondents cease for a period of three years commencing on the date of the Commission’s order approving this Settlement Agreement;
  3. Pursuant to clause 2.1 of subsection 127(1) of the Act, acquisition of any securities by the Respondents is prohibited for a period of three years commencing on the date of the Commission’s order approving this Settlement Agreement;
  4. Pursuant to clause 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to the Respondents for a period of three years commencing on the date of the Commission’s order approving this Settlement Agreement;
  5. Pursuant to clause 6 of subsection 127(1) of the Act, Singh is reprimanded;
  6. Pursuant to clauses 8, 8.2 and 8.4 of subsection 127(1) of the Act, Singh is prohibited from becoming or acting as a director or officer who would constitute a “permitted individual” as defined in National Instrument 33-109 of any issuer, registrant, or investment fund manager for a period of one year commencing on the date of the Commission’s order approving this Settlement Agreement;
  7. Pursuant to clause 8.5 of subsection 127(1) of the Act, the Respondents are prohibited from becoming or acting as a ”registrant”, as an “investment fund manager” or as a “promoter” as defined in the Act for a period of one year commencing on the date of the Commission’s order approving this Settlement Agreement;
  8. Pursuant to subsection 127.1(1), the Respondents shall pay the aggregate amount of $5,000, jointly and severally, representing a portion of Staff’s costs, within three years of the date of the Commission’s order approving this Settlement Agreement; and
  9. Until the entire amount of the payments set out in paragraph 8 is paid in full, the provisions of paragraphs 2, 3 and 4 shall continue in force without any limitation as to time period.

 

DATED at Toronto, this 27th day of March, 2014.

 

                      “James D. Carnwath”                       
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James D. Carnwath