For anyone wondering how SLI shares are being traded, when the cease trade order came down from BCSC, the last paragraph stated that trading outside of Canada would still be permitted (provided below). My question is WHO is buying them? Although it is selling at a reduced rate, why would anyone buy shares in a suspended company that is on the verge of bankruptcy?
Citation: 2014 BCSECCOM 409 Cease Trade Order St. Elias Mines Ltd. Vega Mining Inc. (each referred to separately as the Reporting Issuer) Section 164 of the Securities Act, R.S.B.C. 1996, c. 418 ¶ 1 The Reporting Issuer has not filed: 1. a comparative financial statement for its financial year ended May 31, 2014, as required under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102), and 2. a Form 51-102F1 Management's Discussion and Analysis for the period ended May 31, 2014, as required under Part 5 of NI 51-102 (the required records). ¶
2 Under section 164(1) of the Act, the Executive Director orders that all trading in the securities of the Reporting Issuer cease until:
1. it files the required records, completed in accordance with the Act and rules, and 2. the Executive Director revokes this order as it applies to the Reporting Issuer.
¶ 3 Despite this order, a beneficial shareholder of the Reporting Issuer who is not, and was not at the date of this order, an insider or control person of that Reporting Issuer, may sell securities of the Reporting Issuer acquired before the date of this order, if:
1. the sale is made through a market outside Canada, and
2. the sale is made through an investment dealer registered in British Columbia.
¶ 4 October 3, 2014
http://www.bcsc.bc.ca/Enforcement/Cease_Trade_Orders/PDF/2014_BCSECCOM_409_pdf/