The Ontario Securities Commission (OSC) has revoked a cease trade order against 0755461 B.C. Ltd. following the company’s application for revocation. The initial cease trade order was issued due to the company’s failure to file required continuous disclosure documents, including audited annual financial statements and management’s discussion and analysis (MD&A) for the year ended April 30, 2012, and subsequent periods.
The company has since remedied the defaults by updating its continuous disclosure filings, although it did not file certain outstanding documents for the years 2013 to 2020, requesting the Commission’s discretion not to require these filings. The company is now up-to-date with its continuous disclosure obligations, has paid all required fees, and is not in default of any other obligations under the Act or related regulations.
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 revocation is contingent on the company not being involved in any reverse takeovers or similar transactions, having no undisclosed material changes in its business, and agreeing to hold an annual general meeting within three months of the revocation. The company must also issue a news release and file a material change report upon revocation.
The revocation order was issued on January 19, 2023, by the Manager of Corporate Finance at the OSC, indicating that lifting the cease trade order would not be prejudicial to the public interest.