The corporate had employed Inventory Social Inc. to put in writing an advertorial that was revealed and posted on newswires, and on Twitter, LinkedIn, Fb, investFeed and iHub, in response to the BCSC.
“The advertorial was written to look and skim like goal journalistic content material, however didn’t disclose that it was issued on behalf of Bearing, nor did any of the social media posts make such disclosures,” the BCSC says in a press launch.
That could be a violation of the Securities Act, which requires anybody engaged in investor relations on behalf of a publicly traded firm “to obviously and conspicuously disclose when promotional supplies are issued by them or on their behalf.”
Bearing admitted it had violated the Securities Act by failing to reveal promotional supplies had been issued on Bearing’s behalf. Former Bearing CEO Jeremy Arthur William Poirier admitted his involvement within the deceptive promotion.
In a settlement with the BCSC, Bearing agreed to pay C$25,000 in fines. Poirier was ordered to pay a C$10,000 superb.
Bearing owns a 17% stake within the Maricunga venture in Chile, a lithium brine salar. Australia’s Lithium Energy Worldwide owns 51%. On the finish of June, Lithium Energy and Bearing introduced an settlement by which Lithium Energy will purchase 100% of the Maricunga venture from Bearing and MSB SpA, a Chilean firm that owns 31% of the venture.
(This text first appeared in Enterprise in Vancouver)