The British Columbia Securities Commission (BCSC) said it had settled with company CEO Carl Vance Loeber after he admitted that Nickel One's February 1, 2017 disclosure regarding the acquisition of the Lantinen Koillismaa platinum-group element-copper-nickel project, in north-central Finland, triggered a requirement to file a new technical report.
Counter to the provisions under the Canadian National Instrument 43-101 standards of disclosure for mineral projects, Loeber only obtained a new report after BCSC staff advised him of the obligation.
When the new report was filed in April 2017, it disclosed mineral resources and technical information improperly, and a qualified person responsible for preparing the new report had not conducted a current inspection of the newly acquired property as required, the BCSC said.
Despite knowing from at least July 2017 that the new report was deficient, Nickel One did not issue a retracting news release until mid-September of that year.
Loeber's sanction included an agreement to undertake further training regarding the ongoing obligations under NI 43-101.
The penny stock fell by C1c to 2c a share on Thursday, giving the company a market value of about C$832,000.