Minnova Corp. Announces Late Filing of Financial Statements
Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) has announced a delay in filing its audited consolidated financial statements for the year ended March 31, 2024. The company's application for a management cease trade order (MCTO) was denied by the Ontario Securities Commission. As a result, Minnova expects a failure to file cease trade order (CTO) to be issued on or around July 29, 2024, halting general trading of its securities.
Despite the CTO, certain beneficial holders may still be able to sell securities under specific conditions. The company does not anticipate interruptions to its project development plans during the CTO period and expects the order to be revoked shortly after the Annual Filings are submitted. Management and insiders are subject to a trading black-out until the filings are completed.
Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ha annunciato un ritardo nella presentazione dei suoi bilanci consolidati auditati per l'anno chiuso il 31 marzo 2024. La richiesta dell'azienda per un'ordinanza di cessazione delle negoziazioni per la direzione (MCTO) è stata negata dalla Commissione per i Titoli dell'Ontario. Di conseguenza, Minnova prevede che un ordine di cessazione delle negoziazioni per la mancata presentazione (CTO) venga emesso intorno al 29 luglio 2024, fermando le negoziazioni generali dei suoi titoli.
Nonostante il CTO, alcuni portatori di interesse beneficiari potrebbero comunque essere in grado di vendere titoli a determinate condizioni. L'azienda non prevede interruzioni nei suoi piani di sviluppo del progetto durante il periodo del CTO e si aspetta che l'ordine venga revocato poco dopo la presentazione dei bilanci annuali. La direzione e gli insider sono soggetti a un divieto di trading fino al completamento delle presentazioni.
Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ha anunciado un retraso en la presentación de sus estados financieros consolidados auditados para el año finalizado el 31 de marzo de 2024. La solicitud de la empresa para una orden de cese de operaciones de administración (MCTO) fue denegada por la Comisión de Valores de Ontario. Como resultado, Minnova espera que una orden de cese de operaciones por falta de presentación (CTO) sea emitida alrededor del 29 de julio de 2024, deteniendo la negociación general de sus valores.
A pesar del CTO, ciertos tenedores beneficiarios aún podrían vender valores bajo condiciones específicas. La empresa no anticipa interrupciones en sus planes de desarrollo del proyecto durante el período del CTO y espera que la orden sea revocada poco después de que se presenten los informes anuales. La gerencia y los internos están sujetos a un bloqueo de operaciones hasta que se completen las presentaciones.
Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF)는 2024년 3월 31일에 종료된 회계연도의 감사된 통합 재무제표 제출이 지연될 것이라고 발표했습니다. 회사의 관리 중단 거래 명령(MCTO) 요청은 온타리오 증권 위원회에 의해 거부되었습니다. 그 결과, Minnova는 2024년 7월 29일경에 제출 실패 중단 거래 명령(CTO)이 발행될 것으로 예상하여 자산의 일반 거래가 중지될 것이라고 합니다.
CTO에도 불구하고, 특정 유리한 보유자는 특정 조건 하에 여전히 자산을 매각할 수 있을 것입니다. 회사는 CTO 기간 동안 프로젝트 개발 계획에 중단이 없을 것으로 예상하고 있으며, 연간 보고서가 제출된 직후 명령이 취소될 것으로 기대하고 있습니다. 경영진과 내부자는 제출이 완료될 때까지 거래 중단에 처해 있습니다.
Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) a annoncé un retard dans le dépôt de ses états financiers consolidés audités pour l'exercice clos le 31 mars 2024. La demande de l'entreprise pour un ordre d'arrêt de commerce de gestion (MCTO) a été refusée par la Commission des valeurs mobilières de l'Ontario. Par conséquent, Minnova s'attend à ce qu'un ordre d'arrêt de commerce pour non-dépôt (CTO) soit émis aux alentours du 29 juillet 2024, interrompant le commerce général de ses valeurs mobilières.
Malgré le CTO, certains détenteurs bénéficiaires pourraient néanmoins être en mesure de vendre des valeurs sous certaines conditions. L'entreprise ne prévoit pas d'interruptions de ses projets de développement pendant la période du CTO et s'attend à ce que l'ordre soit révoqué peu après le dépôt des documents annuels. La direction et les personnes internes sont soumises à un blackout commercial jusqu'à ce que les dépôts soient complétés.
Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) hat eine Verzögerung bei der Einreichung ihrer geprüften konsolidierten Finanzberichte für das am 31. März 2024 endende Jahr bekannt gegeben. Der Antrag des Unternehmens auf eine Management-Handelsstoppverordnung (MCTO) wurde von der Ontario Securities Commission abgelehnt. Infolgedessen erwartet Minnova, dass eine Handelsstoppverordnung aufgrund fehlender Einreichung (CTO) um den 29. Juli 2024 herum erlassen wird, was den allgemeinen Handel mit ihren Wertpapieren stoppt.
Trotz des CTO könnten bestimmte begünstigte Inhaber möglicherweise unter bestimmten Bedingungen Wertpapiere verkaufen. Das Unternehmen erwartet keine Unterbrechungen seiner Projektentwicklungspläne während der CTO-Phase und geht davon aus, dass die Anordnung kurz nach der Einreichung der Jahresberichte aufgehoben wird. Das Management und Insider unterliegen bis zur Fertigstellung der Einreichungen einem Handelsverbot.
- Project development plans expected to continue uninterrupted despite the CTO
- CTO expected to be revoked shortly after Annual Filings are submitted
- Failure to file audited consolidated financial statements by July 29, 2024 deadline
- Denial of management cease trade order (MCTO) application
- Anticipated issuance of failure to file cease trade order (CTO)
- Temporary halt on general trading of company securities
- Insider trading black-out imposed on management and insiders
Toronto, Ontario--(Newsfile Corp. - July 23, 2024) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ("Minnova" or the "Company"), announces that the Company applied to the Ontario Securities Commission (the "OSC") for a management cease trade order ("MCTO") with respect to its audited consolidated financial statements for the year ended March 31, 2024, the annual management's discussion and analysis for the same period and management certifications of the annual filings (collectively, the "Annual Filings"). The MCTO was denied. As a result, the Company anticipates that the Annual Filings will not be filed by the prescribed deadline of July 29, 2024, and the Company anticipates that on or about July 29, 2024, the OSC will issue a failure to file cease trade order against the Company ("CTO") which orders that general trading, whether direct or indirect, of the securities of the Company cease.
Despite the CTO, a beneficial holder of a security of the Company who is not, and was not as of the date of the CTO, an insider or control person of the Company may sell securities of the Company acquired before the date of the CTO if: (a) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Holders of the Company's securities are urged to consult with their own investment advisors or legal counsel about the implications of the CTO.
The Company does not expect an interruption to its project development plans during the CTO. Revocation of the CTO is expected to occur within a few days after the Annual Filings are made.
Until the Company has filed the Annual Filings, members of the Company's management and other insiders are subject to an insider trading black-out. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing of the Company's latest interim financial report.
About Minnova Corp.
Minnova Corp. is an evolving cleantech company building a worldwide pipeline of green energy projects. Our subsidiary, Minnova Renewable Energy, is focused on innovative carbon reduction technologies such as biomass gasification technology. Separately the company is advancing large scale green hydrogen production via electrolysis at its Flin Flon Clean Energy Hub initiative.
Prior to 2021 Minnova Corp. has focused on the restart of its PL Gold Mine, which included completion of a Positive Feasibility Study in 2018. The study concluded the restart of the PL Mine, at an average annual production rate of 46,493 ounces over a minimum 5-year mine life, was economically robust. Importantly the global resource remains open to expansion, as does the reserve. The PL Gold Mine benefits from a short pre-production timeline forecast at 15 months, a valid underground mining permit (Environment Act 1207E), an existing 1,000 tpd processing plant, over 7,000 meters of developed underground ramp to -135 metres depth. The project is fully road accessible and close to existing mining infrastructure in the prolific Flin Flon Greenstone Belt of Central Manitoba.
For more information please contact:
Minnova Corp.
Gorden Glenn
President & Chief Executive Officer
For further information, please contact Investor Relations at 647-985-2785 or info@minnovacorp.ca
Visit our website at www.minnovacorp.ca
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information regarding the Company including management's assessment of future plans and operations, that may involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has been completed on the PL Gold Mine development project but there is no certainty the disclosed targets will be achieved nor that the proposed operations will be economically viable. Minnova has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information. Forward-looking information is provided for the purpose of providing information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking information or to explain any material difference between subsequent actual events and such forward-looking information, except to the extent required by applicable law. There may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Minnova does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217431
FAQ
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