CALGARY, AB, Sept. 5, 2023 /CNW/ – The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that GRS Hydrogen Solutions Inc. (GRS) and its President & CEO, Albert Eugene Cerenzie, breached Alberta securities laws by engaging in illegal distributions, prohibited representations and misrepresentations.
The Notice of Hearing alleges that:
- GRS raised approximately $255,000 from 13 investors in exchange for shares of GRS between May 2021 and August 2023 (the Relevant Period). Some of the investors were located in Alberta. GRS did not file and receive a receipt for a preliminary prospectus or prospectus, and it did not have an exemption from that requirement for at least some of the distributions of its shares to investors.
- GRS represented to investors and the general public, at various times, that (a) its shares would be listed on the Toronto Stock Exchange (TSX), (b) an application had been made to list its shares on the TSX, and (c) an application would be made to list its shares on the TSX. However, GRS did not obtain permission from the Executive Director of the ASC or the TSX to make any of those representations, GRS did not make an application to list its shares on the TSX prior to or during the Relevant Period, and GRS’ shares were not listed on the TSX during the Relevant Period.
- GRS also represented to investors and the general public that it had entered into a contract with a large, established energy company related to the production and supply of hydrogen, electricity and methanol. However, GRS and that company never entered into any contract during the Relevant Period.
- Cerenzie authorized, permitted and acquiesced to all of GRS’ misconduct and breaches of Alberta securities laws.
These are allegations and have not been proven in a hearing.
An appearance to set a date for a hearing will be held on Wednesday, October 11, 2023 at 1:30 p.m.
The ASC gratefully acknowledges the assistance of the British Columbia Securities Commission, the Ontario Securities Commission and the RCMP.
The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.
SOURCE Alberta Securities Commission