The British Columbia Securities Commission (BCSC) announced July 21 that it has reached a settlement agreement with Wally Elmer Boguski, who has admitted to his responsibility for the deficient disclosure of two junior mineral exploration companies.
Boguski was a B.C. resident during the relevant period and the president, CEO and a director of both Victory Resources Corp. and Sierra Iron Ore Corp. (now known as Crystal Lake Mining Corp.). Boguski is no longer the president, CEO and a director of Victory, but retains those positions at Crystal Lake.
The agreement states that between 2011 and 2013, Boguski caused both Victory and Sierra to issue disclosures that contained deficiencies and errors, in contravention of mining standards.
The mining standards instrument NI 43-101 protects investors by providing transparency surrounding mining resource estimates, capital and operating costs, and economic analysis. As a director and officer of Victory and Sierra, Boguski is liable for both companies’ contraventions of NI 43-101.
The agreement acknowledges that Boguski co-operated with BCSC staff throughout the disclosure reviews and made efforts to comply with staff directions.
Boguski has agreed to pay $20,000 to settle this matter. He is also banned from acting as a director or officer of any issuer (with certain exceptions) until July 20, 2018, or the successful completion of a course on the requirements of NI 43-101, whichever is later.
