The Securities Commission has revoked a cease trade order against an issuer after the issuer remedied its previous defaults in continuous disclosure filings. The initial cease trade order was issued due to the issuer’s failure to file audited annual financial statements and related documents for the year ended July 31, 2013, and subsequent periods. The issuer has since updated its filings, although certain outstanding filings remain unsubmitted. The issuer argued that these should not be required, and the Commission exercised its discretion to agree, provided the issuer is current with all other disclosure obligations and not in default under the Securities Act or related regulations.
The revocation is based on the issuer’s compliance with continuous disclosure obligations, payment of all required fees, and the absence of any undisclosed material changes in its business. The issuer is not involved in any significant transactions like a reverse takeover or merger. 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, and in accordance with National Policy 12-202 Revocation of Certain Cease Trade Orders. The outcome allows the issuer to resume trading, contingent on the concurrent revocation of similar orders from other jurisdictions.