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ARTICLE · 10 SEPTEMBER 2013

Unsolicited Expressions Of Interest May Be Material Information

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The Alberta Securities Commission has entered into a settlement agreement with Anthony Lambert, the former CEO of Daylight Energy Ltd., following allegations by the ASC that Mr. Lambert violated provisions of the Securities Act relating to insider trading and tipping.

CanadaCorporate/Commercial Law
Nicholas Fader
Nicholas Fader
William Osler
William Osler
Christopher A. Straub
Christopher A. Straub
Jon Truswell
Jon Truswell
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Former Daylight CEO and ASC Settle Insider Trading Allegations

The Alberta Securities Commission (ASC) has entered into a settlement agreement with Anthony Lambert, the former CEO of Daylight Energy Ltd., following allegations by the ASC that Mr. Lambert violated provisions of the Securities Act (Alberta) relating to insider trading and tipping.

In the settlement agreement, Mr. Lambert admitted to making an "error in judgment" when he purchased $462,000 of shares of Daylight Energy Ltd. on August 8, 2011, after having received (on August 5, 2011) an unsolicited letter of interest from Sinopec International Petroleum Exploration and Production Corporation (SIPC), in which SIPC referenced a possible "major strategic investment transaction" involving Daylight. Previously, Mr. Lambert had been made aware of SIPC's interest in Daylight through communications with a representative of Canaccord. SIPC ultimately acquired Daylight on December 23, 2011, resulting in

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