The Securities Commission has revoked a cease trade order against an issuer after the issuer rectified its previous failures to file required continuous disclosure materials as mandated by Ontario securities law. The initial cease trade order was issued due to the issuer’s failure to submit audited annual financial statements, management’s discussion and analysis (MD&A), and related certifications for the year ended December 31, 2013, within the prescribed timeframes under National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) and National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109).
Since the cease trade order, the issuer has updated its filings, including audited annual consolidated financial statements for the years 2013 to 2021, corresponding MD&A, and required NI 52-109 Certificates. However, the issuer has not filed certain proxy materials, executive compensation statements, and corporate governance disclosures for specific years, as well as some press releases. The issuer has paid all necessary fees and is not in default of any other obligations under the Act or related regulations.
The Commission, upon reviewing the issuer’s application for revocation and considering the public interest, has decided to revoke the cease trade order under section 144 of the Securities Act, R.S.O. 1990, c. S.5, as amended. The issuer plans to issue a news release and file a material change report upon revocation and may seek to cease being a reporting issuer in the future. The decision was made on June 27, 2022.