Alberta Securities Commission Concludes Settlement For Insider Tipping

On March 23, 2017, the Alberta Securities Commission (ASC) announced that it had concluded a settlement agreement in Re Jawhari,  with an Edmonton resident named Khalid Jawhari for trading in securities of Artek Exploration Ltd. (Artek) on a tip from a friend.

As background, on February 23, 2015, Artek announced it had entered into an arrangement with a purchaser (Purchaser) pursuant to which the Purchaser agreed to acquire all of the issued outstanding common shares of Artek. Prior to the announcement, Jawhari had a conversation with an employee (the Employee) of the Purchaser regarding Artek.  In that conversation, the Employee had told Jawhari that the Purchaser was looking at Artek, Artek was a good buy and the Employee was planning on purchasing shares of Artek.  Jawhari purchased 41,500 shares of Artek on February 20, 2015, through a numbered company, following the conversation. Three days after Jawhari's purchase, Artek announced that the Purchaser was