Clearly Canadian has clarified the settlement between its president and the British Columbia Securities Commission. Following a statement earlier this week regarding the agreement between Douglas Mason and the BCSC, the Toronto Stock Exchange asked the company to clarify the details.

In a statement issued yesterday, the company said that the settlement restricts Mason from serving as a director or officer of any other issuer for a period of 12 months, other than for Clearly Canadian and for Columbia Yukon Explorations, Inc., from trading, directly or indirectly, in securities for a period of 12 months, other than trading which takes place through accounts held at a single registered dealer acceptable to the commission, and from engaging in investor relations activities for a period of 12 months, except for investor relations activities with Clearly Canadian and Columbia Yukon.

The statement follows press reports earlier this week, claiming that Mason has been banned from BC securities markets for 12 months.