Elcora Provides Update on Status of Management Cease Trade Order
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. The company has received an extension for filing its Annual and Interim Financial statements, now due by October 14, 2024. The delay is attributed to ongoing audit tasks related to its Moroccan subsidiary.
During the MCTO, the public can continue trading Elcora's listed common shares, but the company's executives and directors cannot. Elcora confirms its intention to comply with NP 12-203 and will issue bi-weekly default status reports. The company is structured as a vertically integrated battery material company, capable of processing, refining, and producing battery-related minerals and metals.
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) ha fornito un aggiornamento sullo stato di un ordine di cessazione del commercio da parte della gestione (MCTO) concesso il 30 luglio 2024. L’azienda ha ricevuto un prolungamento per la presentazione dei suoi bilanci annuali e intermedi, ora dovuti entro il 14 ottobre 2024. Il ritardo è attribuito a compiti di audit in corso relativi alla sua sussidiaria marocchina.
Durante il MCTO, il pubblico può continuare a scambiare le azioni ordinarie quotate di Elcora, ma i dirigenti e i direttori dell’azienda non possono. Elcora conferma la sua intenzione di conformarsi al NP 12-203 e pubblicherà relazioni sullo stato di default ogni due settimane. L’azienda è strutturata come una compagnia di materiali per batterie verticalmente integrata, capace di lavorare, raffinire e produrre minerali e metalli legati alle batterie.
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) ha proporcionado una actualización sobre el estado de una orden de cese de comercio por parte de la administración (MCTO) concedida el 30 de julio de 2024. La empresa ha recibido una prórroga para presentar sus estados financieros anuales e intermedios, ahora debido el 14 de octubre de 2024. El retraso se atribuye a tareas de auditoría en curso relacionadas con su filial en Marruecos.
Durante el MCTO, el público puede continuar negociando las acciones comunes cotizadas de Elcora, pero los ejecutivos y directores de la empresa no pueden. Elcora confirma su intención de cumplir con el NP 12-203 y emitirá informes sobre el estado de incumplimiento cada dos semanas. La empresa está estructurada como una compañía de materiales para baterías verticalmente integrada, capaz de procesar, refinar y producir minerales y metales relacionados con baterías.
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF)는 2024년 7월 30일에 부여된 경영 거래 중단 명령 (MCTO)의 상태 업데이트를 제공했습니다. 회사는 연간 및 중간 재무제표 제출을 위한 연장을 받아 2024년 10월 14일까지 제출해야 합니다. 지연은 모로코 자회사와 관련된 지속적인 감사 작업에 기인합니다.
MCTO 동안 대중은 Elcora의 상장 보통주를 계속 거래할 수 있지만 회사의 경영진 및 이사는 거래를 할 수 없습니다. Elcora는 NP 12-203을 준수할 의사를 확인하고 격주로 기본 상태 보고서를 발행할 것입니다. 이 회사는 배터리 관련 광물과 금속을 처리, 정제 및 생산할 수 있는 수직적으로 통합된 배터리 소재 회사로 구성되어 있습니다.
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) a fourni une mise à jour sur l'état d'un ordre d'arrêt de commerce de gestion (MCTO) accordé le 30 juillet 2024. La société a obtenu une prolongation pour le dépôt de ses états financiers annuels et intermédiaires, désormais dus pour le 14 octobre 2024. Le retard est attribué aux tâches d'audit en cours liées à sa filiale marocaine.
Pendant le MCTO, le public peut continuer à échanger les actions ordinaires cotées d'Elcora, mais les dirigeants et les administrateurs de la société ne le peuvent pas. Elcora confirme son intention de se conformer à la NP 12-203 et publiera des rapports bi-hebdomadaires sur l'état du défaut. La société est structurée comme une entreprise de matériaux pour batteries intégrée verticalement, capable de traiter, raffiner et produire des minéraux et des métaux liés aux batteries.
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) hat ein Update zum Status einer Management-Handelsstop-Order (MCTO) gegeben, die am 30. Juli 2024 gewährt wurde. Das Unternehmen hat eine Erweiterung für die Einreichung seiner Jahres- und Zwischenfinanzberichte erhalten, die nun bis zum 14. Oktober 2024 fällig sind. Die Verzögerung wird auf laufende Prüfungsarbeiten in Bezug auf seine marokkanische Tochtergesellschaft zurückgeführt.
Während des MCTO kann die Öffentlichkeit weiterhin die an der Börse notierten Stammaktien von Elcora handeln, jedoch können die Führungskräfte und Direktoren des Unternehmens dies nicht. Elcora bestätigt seine Absicht, sich an NP 12-203 zu halten, und wird alle zwei Wochen Berichte über den Status des Verzugs herausgeben. Das Unternehmen ist als vertikal integriertes Unternehmen für Batteriematerialien strukturiert, das in der Lage ist, batterierelevante Mineralien und Metalle zu verarbeiten, zu verfeinern und herzustellen.
- Extension granted for filing Annual and Interim Financial statements
- Public trading of common shares continues during MCTO
- Company structured as vertically integrated battery material company
- Delay in filing Annual and Interim Financial statements
- Management and directors unable to trade company shares during MCTO
- Ongoing audit issues with Moroccan subsidiary
HALIFAX, Nova Scotia, Sept. 24, 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 releases dated July 12, 2024 and July 30, 2024, the Company requires additional time to complete audit tasks related to its subsidiary located in Morocco. As completion of the audit tasks is taking longer than expected, 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 its work to conclude the audit as soon as possible and the Company is concurrently working on completion of its Interim Filings.
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?
Why has Elcora (ECORF) delayed filing its financial statements?
Can the public still trade Elcora (ECORF) shares during the Management Cease Trade Order?
What restrictions does the Management Cease Trade Order place on Elcora (ECORF) executives?
