Former mining exec agrees to suspension and $10,000 payment

A former director and chief financial officer of a mining exploration company has agreed to a suspension from market activities and has paid $10,000 to the British Columbia Securities Commission (BCSC) of Vancouver for his role in the company’s misrepresentation in a news release and a misleading material change report.

The company, formerly known as New Point Exploration Corp., announced in a news release in July 2018 that it had raised approximately $1.7 million through a private placement. The company, which has since changed its name to Bam Bam Resources Corp., also filed that same information in a material change report.

Norman George Wilfred Wareham, who was a director and CFO of New Point from March 2018 to August 2018, admitted that New Point did not disclose that it had already spent or owed $960,000 of the funds on consulting fees.

In the settlement, Wareham agreed that:

• By omitting the information about consulting fees from the news release, New Point made a statement while engaging in investor relations activities that it ought to reasonably have known was a misrepresentation under B.C.’s Securities Act
• By omitting the same information from its material change report, New Point made a statement filed under the Act that was misleading
• By operation of the Act, he violated the same provisions as the company.

Wareham, who lived in North Vancouver at the time of the violations, is prohibited for three years from becoming or acting as a director or officer of any reporting issuer, becoming or acting as a registrant or promoter, and advising or acting in a management or consultative capacity in the securities or derivatives markets.

Bam Bam is a reporting issuer in B.C. and its shares trade on the Canadian Securities Exchange.

The BCSC is located in Vancouver.