B.C. company ordered to pay $35K over posts shared by social media influencers
A B.C. lithium mining company that paid for promotional posts to be shared by social media influencers has been fined by the province's financial markets regulator.
The BC Securities Commission announced a combined $35,000 settlement, to be paid by Bearing Lithium Corp. and its CEO Jeremy Arthur William Poirier, in a release Friday.
In 2017, the settlement document says, Bearing hired a marketing company to prepare and distribute an "advertorial" online. It also contracted the company to create a series of posts on platforms like Linkedin, Twitter, and Facebook.
The advertorial was sent to newswires and websites and "was written in the style of a news article designed to look and read like objective journalistic content," according to the BCSC.
The "multiple promotional posts" on social media were shared by 19 influencers, the settlement agreement notes.
While this type of "investor relations" activity is not prohibited in and of itself, the Securities Act requires that companies disclose when "promotional materials are issued by them or on their behalf," the BCSC's statement says. Both the advertorial and the posts failed to make such a disclosure.
Bearing and Poirier admitted to the misconduct, reaching the settlement without the matter going to a hearing. The company will pay $25,000 and Poirier – who reviewed and approved the materials -- will pay $10,000.
CTVNews.ca Top Stories
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
B.C. man used Bobcat as 'weapon' while chasing away homeless people, judge says
A B.C. man has been convicted of assault with a weapon after using a skid-steer Bobcat to chase two homeless people from his lawn, injuring one of them in the process.
'Nobody should be getting away with murder': Grieving mother speaks out after son killed in North Preston, N.S.
A grieving mother is speaking out after her 36-year-old son was shot and killed in North Preston, N.S., Wednesday night.