The Securities Commission has decided to revoke the cease trade order (CTO) previously issued against Pennine Petroleum Corporation. The CTO was initially put in place due to the company’s failure to file certain required continuous disclosure materials. Pennine Petroleum Corporation has since remedied the defaults by updating its continuous disclosure filings.
The decision to revoke the CTO was made under the authority of the Securities Act (R.S.O. 1990, c. S.5, as amended, section 144) and in accordance with National Policy 11-207, which deals with Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The revocation reflects the agreement of both the Alberta Securities Commission, acting as the principal regulator, and the Ontario Securities Commission.
The revocation order is based on the company’s representations that it is a reporting issuer in Alberta, British Columbia, and Ontario, that there are no other revocation applications in progress, and that all required continuous disclosure documents have been filed. The company has also updated its profiles on SEDAR and SEDI. The decision to revoke the CTO was made on May 27, 2021, indicating the company has met the necessary conditions for revocation as set out in the relevant securities legislation.