The British Columbia Securities Commission (BCSC) has reached a settlement agreement with the president of a junior mineral exploration company that filed a deficient technical report.
Carl Vance Loeber is the president and a director of Nickel One Resources, a junior mineral exploration company with shares listed on the TSX-V and Frankfurt exchanges.
In the settlement, Loeber admitted that Nickel One's disclosure triggered the requirement to file a new technical report for a mineral property it acquired in February 2017. Despite that requirement under National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), Loeber only obtained a new report after BCSC staff advised him of the obligation.
When the new report was filed in April 2017, it disclosed mineral resources and technical information improperly, and a qualified person responsible for preparing the new report had not conducted a current inspection of the newly acquired property as required under NI 43-101.
Despite knowing from at least July 2017 that the new report was deficient, Nickel One did not issue a retracting news release until mid-September 2017.
The BCSC says that Loeber has agreed to undertake further training and education with respect to the requirements of NI 43-101 and the duties and responsibilities of directors and officers of public companies.
Nickel One is headquartered in Vancouver and primarily explores for copper, cobalt, nickel, platinum, palladium and gold metals. It holds interests in the Manitouwadge property, which consists of 71 mining claims totalling 1 099 claim units covering an area of about 17 584 ha, located in the areas of Bigrock Lake and Olga Lake, Ontario; and Lantinen Koillismaa project, situated in north-central Finland.