The Ontario Securities Commission (OSC) granted a partial revocation of a failure-to-file cease trade order (FFCTO) against Advantagewon Oil Corp. (the Issuer) under Section 144 of the Securities Act (Ontario). The FFCTO was initially issued due to the Issuer’s failure to file required continuous disclosure documents, including audited financial statements and management’s discussion and analysis for the year ended December 31, 2022, among other filings.
The Issuer sought the partial revocation to complete a private placement of up to $60,000 through secured promissory notes to accredited investors and family, friends, and business associates. The funds raised will be used to bring the Issuer into compliance with its continuous disclosure obligations, pay outstanding fees, and provide working capital.
The OSC’s decision was based on the Issuer’s representations, including its intention to use the proceeds to update its filings and apply for a full revocation of the FFCTO. The partial revocation is subject to conditions, including providing participants with copies of the FFCTO and the partial revocation order, and obtaining acknowledgments from participants that the securities will remain subject to the FFCTO.
Relevant legislative provisions include Section 144 of the Securities Act (Ontario) and National Policy 11-207.