The Ontario Securities Commission has approved a settlement agreement between OSC staff and Michael Newbury.

Newbury agreed that he traded securities of OntZinc Corp. while possessed of material undisclosed information. On Oct. 1, 2004, Newbury purchased 50,000 shares of OntZinc at 6¢ per share. The “profit made” as defined in the Securities Act was $3,925.

At the time he purchased the securities, Newbury had knowledge of the fact that OntZinc was in exclusive negotiations for the assets of Hudson Bay Mining and Smelting, but he believed that the information about the acquisition had been generally disclosed, when, in fact, the acquisition was not generally disclosed until Oct. 8, 2004.

Newbury agreed to settle on the terms that: he would make a settlement payment of $7,850 to the OSC; contribute $5,000 to the costs of the investigation of this matter; for the next 12 months undertake not to trade in any securities of any company to which he acts as a geological consultant unless he receives prior written confirmation from in-house counsel of the company to which he acts as a consultant; and agrees to comply with Ontario securities law.

The settlement agreement was approved on February 20.