The Ontario Securities Commission (OSC) has revoked a cease trade order against Essex Oil Ltd. after the company remedied its previous failure to file required continuous disclosure materials. The initial cease trade order was issued on November 3, 2016, due to the company’s non-compliance with filing audited annual financial statements, management’s discussion and analysis (MD&A), and certification of filings for the year ended June 30, 2016.
Essex Oil Ltd., a reporting issuer in Ontario, addressed its defaults by updating its continuous disclosure filings, although certain outstanding filings from 2016 to 2020 remained unfiled. The company also completed a private placement, updated its management team, and committed to holding a shareholder meeting within three months of the order’s revocation.
The decision to revoke the cease trade order was made under section 144 of the Securities Act, R.S.O. 1990, c.S.5, as amended, which allows for revocation if it is not prejudicial to the public interest. The revocation reflects the company’s efforts to comply with Ontario securities law and its undertaking to maintain updated and accurate filings moving forward. The revocation order was dated February 17, 2023.