The Ontario Securities Commission (OSC) has decided to revoke a cease trade order (CTO) against ITOK Capital Corp. (the Filer), a reporting issuer in Ontario, British Columbia, and Alberta. The CTO was originally issued due to the Filer’s failure to file its continuous disclosure materials as required by Ontario securities law, specifically its audited annual financial statements and accompanying management’s discussion and analysis (MD&A) for the year ended December 31, 2012, and subsequent financial documents.
The Filer has since remedied the defaults by updating its continuous disclosure filings on the System for Electronic Document Analysis and Retrieval (SEDAR). However, certain documents for specific periods, referred to as the Outstanding Filings, have not been filed. The Filer requested that the Commission not require these Outstanding Filings, in accordance with National Policy 12-202.
Additionally, the Filer has provided an undertaking that it will not complete certain transactions involving material underlying businesses not located in Canada unless it files a preliminary and final prospectus with the OSC and obtains the necessary receipts.
The Commission, upon reviewing the application and considering the public interest, has ordered the revocation of the CTO under section 144 of the Ontario Securities Act, R.S.O. 1990, c. S.5, as amended. The decision was made on the basis that the Filer has updated its continuous disclosure except for the Outstanding Filings, paid all required fees, and is not in default of any other obligations under the Act. The revocation is contingent on the Filer holding an annual meeting of shareholders within three months and complying with the undertaking regarding transactions involving foreign businesses.
The order to revoke the CTO was issued on January 22, 2021.