The Ontario Securities Commission (OSC) has revoked a cease trade order (CTO) against Stans Energy Corp. The CTO was initially issued due to the company’s failure to file its annual financial statements, management’s discussion and analysis, and certifications for the year ended December 31, 2019, as required by Ontario securities law. Stans Energy Corp. has since remedied the defaults by updating its continuous disclosure filings and addressing all noted deficiencies.
The company is a reporting issuer in Ontario, British Columbia, and Alberta, with Ontario serving as the principal regulator. It has fulfilled all necessary obligations, including payment of fees and updating its profiles on SEDAR and SEDI. The OSC’s decision to revoke the CTO is based on the company’s compliance with continuous disclosure obligations, absence of material changes in its business not disclosed to the market, and the provision of written undertakings to hold an annual meeting and not to complete certain transactions without regulatory compliance.
The revocation is supported by the company’s commitment to issue a news release announcing the revocation and to file a material change report on SEDAR. The decision is in accordance with Section 144 of the Securities Act, R.S.O. 1990, c. S.5, as amended, and is consistent with National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The OSC concluded that revoking the CTO meets the legislative requirements, leading to the decision to lift the order.