Elcora Announces Late Filing of Annual Financial Statements and Management Cease Trade Order
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) has announced a delay in filing its annual financial statements and management's discussion and analysis for the fiscal year ended March 31, 2024. The delay is due to additional time required to audit transactions of the company's Moroccan subsidiary and enhanced quality controls by auditors. Elcora has been granted a management cease trade order (MCTO) by the Nova Scotia Securities Commission.
The company expects to file the Annual Filings by September 29, 2024. During the MCTO, the public can continue trading Elcora's listed common shares, but the CEO, CFO, and Directors cannot trade. Elcora will issue bi-weekly default status reports until the Annual Filings are completed.
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) ha annunciato un ritardo nella presentazione dei suoi bilanci annuali e dell'analisi e discussione da parte della direzione per l'anno fiscale chiuso il 31 marzo 2024. Il ritardo è dovuto al tempo aggiuntivo richiesto per auditare le transazioni della sussidiaria marocchina dell'azienda e a controlli di qualità più rigorosi da parte dei revisori. Elcora ha ricevuto un'ordinanza di cessazione della negoziazione da parte della Nova Scotia Securities Commission.
L'azienda prevede di presentare i documenti annuali entro il 29 settembre 2024. Durante l'MCTO, il pubblico può continuare a negoziare le azioni comuni di Elcora quotate, ma il CEO, il CFO e i Direttori non possono fare trading. Elcora emetterà rapporti sullo stato di default ogni due settimane fino al completamento dei documenti annuali.
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) ha anunciado un retraso en la presentación de sus estados financieros anuales y el análisis y discusión de la gestión para el año fiscal que terminó el 31 de marzo de 2024. El retraso se debe al tiempo adicional requerido para auditar las transacciones de la filial marroquí de la empresa y a controles de calidad mejorados por parte de los auditores. Elcora ha recibido una orden de cese de negociaciones de gestión (MCTO) por parte de la Comisión de Valores de Nueva Escocia.
La empresa espera presentar los Documentos Anuales antes del 29 de septiembre de 2024. Durante el MCTO, el público puede seguir negociando las acciones comunes listadas de Elcora, pero el CEO, CFO y Directores no pueden comerciar. Elcora emitirá informes de estado de incumplimiento cada dos semanas hasta que se completen los Documentos Anuales.
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF)는 2024년 3월 31일로 종료된 회계연도에 대한 연례 재무제표 및 경영진의 논의와 분석 제출이 지연되었다고 발표했습니다. 지연은 회사의 모로코 자회사의 거래를 감사하는 데 필요한 추가 시간과 감사자에 의한 품질 관리 강화 때문입니다. Elcora는 노바 스코샤 증권 위원회로부터 경영 중지 거래 명령(MCTO)을 받았습니다.
회사는 2024년 9월 29일까지 연례 보고서를 제출할 것으로 예상합니다. MCTO 기간 동안 대중은 Elcora의 상장된 보통 주식을 계속 거래할 수 있지만 CEO, CFO 및 이사들은 거래할 수 없습니다. Elcora는 연례 보고서가 완료될 때까지 격주로 디폴트 상태 보고서를 발행할 것입니다.
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) a annoncé un retard dans le dépôt de ses états financiers annuels ainsi que de la discussion et de l'analyse de la direction pour l'exercice clos le 31 mars 2024. Ce retard est dû au temps supplémentaire nécessaire pour auditer les transactions de la filiale marocaine de l'entreprise et à des contrôles de qualité renforcés par les auditeurs. Elcora a reçu une ordonnance de cessation de négociation de gestion (MCTO) de la part de la Commission des valeurs mobilières de la Nouvelle-Écosse.
L'entreprise prévoit de déposer les documents annuels d'ici le 29 septembre 2024. Pendant la MCTO, le public peut continuer à négocier les actions ordinaires d'Elcora, mais le PDG, le CFO et les administrateurs ne peuvent pas trader. Elcora publiera des rapports de statut de défaut toutes les deux semaines jusqu'à ce que les documents annuels soient finalisés.
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) hat eine Verzögerung bei der Einreichung ihrer jährlichen Finanzberichte sowie der Managementdiskussion und -analyse für das am 31. März 2024 endende Geschäftsjahr bekannt gegeben. Die Verzögerung ist auf die zusätzliche Zeit zurückzuführen, die erforderlich ist, um die Transaktionen der marokkanischen Tochtergesellschaft des Unternehmens zu prüfen, sowie auf verbesserte Qualitätskontrollen durch die Prüfer. Elcora wurde von der Nova Scotia Securities Commission eine Management Cease Trade Order (MCTO) erteilt.
Das Unternehmen erwartet, die jährlichen Berichte bis zum 29. September 2024 einzureichen. Während der MCTO kann die Öffentlichkeit die gelisteten Stammaktien von Elcora weiterhin handeln, jedoch dürfen der CEO, CFO und die Direktoren nicht handeln. Elcora wird bis zum Abschluss der jährlichen Berichte alle zwei Wochen Statusberichte über den Default herausgeben.
- None.
- Delay in filing annual financial statements and management's discussion and analysis
- Management cease trade order (MCTO) issued by Nova Scotia Securities Commission
- Trading restrictions for CEO, CFO, and Directors during MCTO period
- Potential investor uncertainty due to delayed financial reporting
HALIFAX, Nova Scotia, July 30, 2024 (GLOBE NEWSWIRE) -- ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF), (the "Company" or "Elcora"), announces today that, as a result of delays to its audit, the Company’s annual financial statements and accompanying management's discussion and analysis for the fiscal year ended March 31, 2024 (the “Annual Filings”) were not finalized by July 29, 2024, being the date that such filings are due under applicable Canadian securities law requirements. Further to its news release of July 12, 2024, the Company applied for, and has been granted, a management cease trade order (the "MCTO") by the Nova Scotia Securities Commission.
The Company has been delayed in filing its audited financial statements due to additional time being required to audit transactions carried out by the Company’s subsidiary located in Morocco, along with the enhanced quality controls by the Company’s auditors.
The Company currently expects to file the Annual Filings on or before September 29, 2024 and will issue a news release announcing the completion of the filings at such time. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Order for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Annual Filings have not been filed.
During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Officer, Chief Financial Officer, and Directors, will not be able to trade in the Company's common shares.
About Elcora Advanced Materials Corp.
Elcora was founded in 2011 and has been structured to become a vertically integrated battery material company. Elcora can process, refine, and produce battery related minerals and metals. As part of the vertical integration strategy Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable. This combination means that Elcora has the tools and resources for vertical integration of the battery minerals and metals industry.
For further information please visit the company's website at:
For further information please contact: Troy Grant, Director, President & CEO, Elcora Advanced Materials Corp., T: +1 902 802-8847
Qualifying Statements: Klaus Leiders P. Eng., a qualified person as defined by National Instrument 43-101, approves the technical information contained in this news release.
CAUTIONARY STATEMENT:
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock Exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Elcora, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Elcora’s expectations are exploration risks detailed herein and from time to time in the filings made by Elcora with securities regulators.
Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon.
FAQ
Why has Elcora Advanced Materials Corp. (ECORF) delayed filing its annual financial statements?
When does Elcora (ECORF) expect to file its delayed Annual Filings?
What is the impact of the management cease trade order (MCTO) on Elcora's (ECORF) stock trading?
How will Elcora (ECORF) keep investors informed during the MCTO period?
