The Alberta Securities Commission (ASC) has concluded a settlement regarding allegations of misleading or untrue statements about the proposed Spruce Ridge Estates real estate development project.

Under terms of the settlement agreement:

• Foundation Capital Corp. agreed to pay $100,000 in settlement and $20,000 in costs;

• Ronald James Aitkens agreed to pay $30,000 in settlement and $15,000 in costs;

• Roy Juergen Beyer agreed to pay $20,000 in settlement and $5,000 in costs; and

• Spruce Ridge Capital Inc. and Spruce Ridge Estates Inc. undertook to file new offering memorandums before selling any further securities.

Foundation Capital will also fund education and training programs by agreeing to pay the ASC an additional $250,000 over the next three years to fund the creation and delivery of a securities training course for participants in the exempt market and committing to pay another $100,000 to fund internal sales agent training.

A copy of the settlement agreement is posted on the ASC website.

IE