The Ontario Securities Commission (OSC) issued a partial revocation of a cease trade order (FFCTO) against Euromax Resources Ltd. The FFCTO was initially imposed due to the company’s failure to file required annual financial statements, management’s discussion and analysis, annual information form, and related certifications. Euromax applied for a partial revocation to conduct a private placement, aiming to raise approximately C$1.2 million from accredited investors and insiders. The funds will be used to comply with continuous disclosure obligations, pay outstanding fees, and for working capital.
The OSC granted the partial revocation under Section 144 of the Securities Act, R.S.O. 1990, c. S.5, subject to conditions including providing subscribers with copies of the FFCTO and the partial revocation order, and obtaining acknowledgments from subscribers that the securities will remain subject to the FFCTO. The order will terminate upon the closing of the private placement or 60 days from the date of the order.