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A hearing panel of the Investment Industry Regulatory Organization of Canada has suspended the membership of Magna Partners Ltd. as an IIROC regulated firm until certain conditions are met and ordered that the firm cease dealing with the public.

Magna Partners, a Toronto based Limited Market Dealer providing private and public companies with capital raising and advisory services, consented to the order.

The suspension followed an expedited hearing held on August 13 in Toronto.

The firm’s membership is suspended until such time as a qualified chief compliance officer is approved by IIROC.

During the period of suspension, Magna will be permitted to liquidate any existing inventory long positions and repurchase any existing inventory short positions.

On February 12, 2010, the Ontario District Council of IIROC approved the acquisition of 100% of Magna Partners shares by Robert Sheldrick, subject to the condition that if the existing chief compliance officer, Nicholas Abe, resigned or was terminated Magna Partners was to cease all registrable activity until a qualified CCO was approved by IIROC.

Abe terminated his relationship with Magna Partners and ceased acting as the CCO on July 5.

Magna continued to conduct registrable activities without a qualified CCO until July 28.

On August 3, the firm agreed to cease all registrable activities until a qualified CCO is approved by IIROC.

IE


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