The Ontario Securities Commission (OSC) has decided to revoke a cease trade order (CTO) against Spruce Ridge Resources Ltd. The CTO was initially issued due to the company’s failure to file certain continuous disclosure documents as required by Ontario securities law. These documents included annual audited financial statements, management’s discussion and analysis for the fiscal year, and certifications of annual filings for the year ended April 30, 2022. Additional filings for interim periods and other regulatory documents were also not submitted in a timely manner.
Spruce Ridge Resources Ltd. has since remedied these defaults by updating all required continuous disclosure filings and paying any outstanding fees. The company has also confirmed that it is not involved in any discussions related to major corporate restructuring such as reverse take-overs or mergers, and there have been no undisclosed material changes in its business affairs.
Based on the company’s compliance with continuous disclosure obligations and the absence of any other defaults or ongoing restructuring discussions, the OSC has concluded that revoking the CTO is appropriate. The decision was made under the authority of Section 144 of the Securities Act, R.S.O. 1990, c. S.5, as amended. Following the revocation, Spruce Ridge Resources Ltd. is required to issue a news release announcing the revocation and file it on the System for Electronic Document Analysis and Retrieval (SEDAR+).