The Securities Commission has decided to revoke the cease trade orders (CTOs) previously issued against Silk Road Energy Inc. due to the company’s failure to file required continuous disclosure materials. The CTOs were initially put in place on February 1, 2019, by both the Alberta Securities Commission (the Principal Regulator) and the Ontario Securities Commission.
Subsequently, on October 24, 2019, a partial revocation order was issued, which also reflected the decision of the Ontario Securities Commission. Silk Road Energy Inc. has since remedied the defaults by updating its continuous disclosure filings and paying all necessary fees in the jurisdictions where it is a reporting issuer.
The revocation of the CTOs is based on the company’s compliance with the requirements set out in the Securities Act, R.S.O. 1990, c. S.5, as amended, sections 127 and 144, and National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The decision to revoke the CTOs indicates that the Securities Commission is satisfied that Silk Road Energy Inc. has met the conditions for revocation as per the relevant legislation.