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Former mining CEO must pay $10,000 for publishing a deficient news release

DCN-JOC News Services
Former mining CEO must pay $10,000 for publishing a deficient news release

VICTORIA — Ellen Clements, former CEO of New Nadina Explorations Limited, has to pay $10,000 for releasing technical information in a news release that was not prepared or approved by a qualified person.

The fine is the result of a settlement with the B.C Securities Commission.

The news release in question was released in November 2017 and violated the province’s Standards of Disclosure for Mineral Projects.

“This disclosure was not prepared by or under the supervision of a qualified person and did not include a statement on whether the data had been verified by a ‘qualified person’ – an engineer or geoscientist with relevant experience and in good standing with a professional association. Nor did the disclosure describe how the information was verified, or explain why the information was not verified,” reads a government release on the matter.

On top of the settlement charge, Clemens, a resident of Greenwood B.C., is prohibited from acting as director or officer of any reporting issuer and engaging in any promotional activities for two years or until she completes a course on disclosure requirements for mineral projects, states the release.

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