The Securities Commission has revoked a cease trade order against an issuer following the issuer’s compliance with required continuous disclosure filings. The initial cease trade order was issued due to the issuer’s failure to file annual audited financial statements, annual management’s discussion and analysis, and certification of annual filings for the year ended September 30, 2020, as mandated by Ontario securities law. After the issuer remedied the defaults by updating their continuous disclosure filings, the Commission decided to lift the cease trade order.
The decision was made under the authority of Section 144 of the Securities Act, R.S.O. 1990, c. S.5, as amended. The revocation allows trading of the issuer’s securities to resume, subject to certain conditions that remain in effect for beneficial securityholders who are not insiders or control persons and who acquired securities before the cease trade order. These conditions include the ability to sell securities only through a foreign organized regulated market and via an investment dealer registered in Canada in accordance with applicable securities legislation.