The Securities Commission has decided to revoke the cease trade orders (CTOs) previously issued against Pennine Petroleum Corporation. The CTOs were initially imposed due to the corporation’s failure to file required continuous disclosure materials. Pennine Petroleum Corporation has since remedied the defaults by updating its continuous disclosure filings.
The decision to revoke the CTOs was made under the authority of Section 144 of the Securities Act (R.S.O. 1990, c. S.5, as amended) and in accordance with National Policy 11-207 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 key factors influencing the decision included the corporation’s current compliance with continuous disclosure obligations and the updating of its profiles on the System for Electronic Document Analysis and Retrieval (SEDAR) and the System for Electronic Disclosure by Insiders (SEDI). The revocation order was issued on May 27, 2021, indicating that the corporation is no longer subject to the CTOs in Alberta and Ontario.