The Ontario Securities Commission (OSC) has granted a full revocation of a cease trade order (CTO) against First Choice Products Inc. The CTO, issued on February 22, 2013, was due to the company’s failure to file certain continuous disclosure documents required by Ontario securities law. The company has since addressed the filing deficiencies, except for certain outstanding documents, and has paid all necessary fees.
The decision to revoke the CTO was made under section 144 of the Securities Act (Ontario), which allows for revocation if it is not prejudicial to the public interest. The company has provided undertakings to the OSC, including holding a shareholder meeting within three months and not completing certain transactions involving non-Canadian businesses without meeting specific prospectus filing requirements.
The revocation allows First Choice Products Inc. to resume trading its securities, subject to compliance with applicable securities legislation. The company has also committed to issuing a news release and filing a material change report upon revocation of the CTO to inform the public and outline future plans.