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BCSC Panel Sanctions Mining Company and Two B.C. Men for Illegally Distributing Securities

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/24/14 -- A British Columbia Securities Commission panel has sanctioned two B.C. residents and permanently cease-traded a B.C. mining company for illegally distributing securities.

In September 2013, a commission panel found that Christopher James G. Bass and Dale Zucchet illegally sold shares of Cinnabar Explorations Inc. to seven investors between April and July of 2011. The company claimed that the seven investors fell under the family, friends and business associates and accredited investors exemptions in the securities rules. The panel found they did not.

Bass was the Chief Executive Officer and a director of Cinnabar. He had been previously sanctioned by the commission in 1988.

The panel noted that when Zucchet made misrepresentations about the shares when he was soliciting investors, he "did not know the rules yet did not bother to find out about them."

Referring to the need for sanctions in this case, the panel stated that, "Bass' and Zucchet's carelessness and indifference to learning about and ensuring regulatory compliance when raising capital present a risk to our capital markets were they permitted to continue in the capital markets without restrictions."

For their misconduct, Bass and Zucchet must resign any positions they hold as a directors or officers of an issuer or registrant. Additionally, they are banned from trading in securities, purchasing securities or exchange contracts, and from becoming or acting as a director or officer of any issuer or registrant for five years. They are also prohibited, for the same period, from becoming or acting as a promoter, from engaging in investor relations activities, and from acting in a management or consultative capacity in connection with the securities market.

The panel ordered Bass to pay to the commission the $21,500 obtained as a result of the illegal activity, as well as an administrative penalty of $10,000. His prohibitions remain in place until the later of January 16, 2019 and the date these amounts have been paid.

Zucchet was ordered to pay an administrative penalty of $15,000.

In addition to the orders against Bass and Zucchet, Cinnabar Explorations Inc. was permanently cease-traded by the panel.

You may view the sanctions decision on our website (www.bcsc.bc.ca) by typing Cinnabar Explorations Inc., Christopher James G. Bass, Dale Zucchet or 2014 BCSECCOM 26 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:


--  A securities market that is fair and warrants public confidence
--  A dynamic and competitive securities industry that provides investment
    opportunities and access to capital

Learn how to protect yourself and become a more informed investor at www.investright.org.

Contacts:
Media Contact:
Richard Gilhooley
Media Relations
604-899-6713

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
www.bcsc.bc.ca

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