Elcora Provides Update on Status of Management Cease Trade Order
Rhea-AI Summary
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) has provided an update on the status of a management cease trade order (MCTO) granted on July 30, 2024, by the Nova Scotia Securities Commission. The company has received an extension for filing its Annual Filings and Interim Filings, now due by October 14, 2024. The delay affects financial statements for the fiscal year ended March 31, 2024, and the period ended June 30, 2024.
During the MCTO, the public can continue trading Elcora's listed common shares, but the company's executives and directors cannot. Elcora is working to complete its audit and filings as soon as possible. The company confirms its intention to comply with NP 12-203 and will continue issuing bi-weekly default status reports until the filings are completed.
Positive
- Extension granted for Annual and Interim Filings, providing more time to complete audit
- General public can continue trading Elcora's common shares during MCTO
Negative
- Delay in filing Annual and Interim Financial statements
- Management and directors restricted from trading company shares during MCTO
- Potential regulatory and compliance risks due to delayed filings
News Market Reaction 1 Alert
On the day this news was published, ECORF declined 7.03%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HALIFAX, Nova Scotia, Oct. 08, 2024 (GLOBE NEWSWIRE) -- ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF), (the "Company" or "Elcora"), is providing this update on the status of a management cease trade order granted on July 30, 2024 (the "MCTO") by the Nova Scotia Securities Commission under National Policy 12-203 – Management Cease Trade Order ("NP 12-203"). On July 12, 2024 and July 30, 2024, the Company announced that, for reasons disclosed in the news releases, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended March 31, 2024 (the "Annual Filings") beyond the period prescribed under applicable Canadian securities laws (the "Default Announcement"). Subsequently, there has been a delay in the filing of the Company’s interim financial statements for the period ended June 30, 2024 (the “Interim Filings”) that were due for filing on August 29, 2024.
As indicated in its news release dated September 24, 2024, the Company applied for, and received, an extension of its MCTO by the Nova Scotia Securities Commission. The Company is now required to complete its Annual Filings and Interim Filings by October 14, 2024.
The Company continues to work on concluding its audit and complete its Interim Filings as soon as possible.
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.
Other than as disclosed in this news release, there are no material changes to the information contained in the Default Announcement. The Company confirms that it intends to satisfy the provisions of NP 12- 203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings and Interim Filings requirement.
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
What is the new deadline for Elcora (ECORF) to file its Annual and Interim Financial statements?
Can the public trade Elcora (ECORF) shares during the Management Cease Trade Order?
What restrictions does the Management Cease Trade Order place on Elcora (ECORF) executives?
When was the original Management Cease Trade Order for Elcora (ECORF) granted?
