BCSC Partial Revocation of Cease Trade Order

Citation: 2018 BCSECCOM 132

Partial Revocation Order

First Bitcoin Capital Corp.
(formerly Grand Pacaraima Gold Corp.)

Section 171 of the Securities Act, R.S.B.C. 1996, c. 418

¶ 1 On November 7, 2006, the Executive Director issued an order (the Cease Trade Order) under section 164(1) of the Securities Act, R.S.B.C. 1996, c. 418 (the Act) that all trading in the securities of Grand Pacaraima Gold Corp. cease until it files the required records referred to in the Cease Trade Order and the Executive Director revokes the Cease Trade Order.

¶ 2 On February 27, 2014, Grand Pacaraima Gold Corp. changed its name to First Bitcoin Capital Corp. (First Bitcoin). On November 5, 2014, the Executive Director varied the Cease Trade Order to reflect the issuer's name change.

¶ 3 First Bitcoin is an OTC reporting issuer under Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets.

¶ 4 San Chuen Cheung (Cheung) applied to the Executive Director under section 171 of the Act for a partial revocation of the Cease Trade Order to allow him to sell 10,000 shares of First Bitcoin (the Shares).

¶ 5 Cheung has represented to the Executive Director that he:

1. is a British Columbia resident;

2. purchased the Shares for his own benefit in market transactions; and

3. has never been an insider or control person of First Bitcoin or its predecessors.

¶ 6 The Executive Director is satisfied that this order is not prejudicial to the public interest.

¶ 7 Under section 171 of the Act, the Executive Director partially revokes the Cease Trade Order to allow Cheung to sell the Shares, provided that:

1. the trade is made through a market outside Canada;

2. the trade is made through an investment dealer registered in British Columbia; and

3. Cheung does not participate in any unusual effort to prepare the market or create demand for the Shares.

¶ 8 April 25, 2018

Andrew S. Richardson, CPA, CA
Chief of Compliance
Corporate Finance