GreenBank Capital Inc. Announces Management Cease Trade Order Per National Policy 12-203
GreenBank Capital Inc. (CSE:GBC)(OTC Pink:GRNBF) has received a management cease trade order (MCTO) from the Ontario Securities Commission due to delays in filing its annual audited financial statements for the fiscal year ended July 31, 2020. The MCTO limits trading of securities by the CEO, CFO, and directors until the Annual Filings are submitted.
The company aims to complete these filings by January 31, 2021, while assuring compliance with alternative information guidelines during this period.
- The company expects to file annual audited financial statements by January 31, 2021.
- GreenBank is compliant with alternative information guidelines during the MCTO period.
- The annual audited financial statements were not filed by the November 30, 2020 deadline.
- The MCTO restricts trading for key executives, potentially impacting investor confidence.
This news release is not for distribution or dissemination in the United States of America
TORONTO, ON / ACCESSWIRE / December 1, 2020 / GreenBank Capital Inc. (CSE:GBC)(OTC Pink:GRNBF)(FRA:2TL) ("GreenBank" or the "Company") announces that its principal regulator, the Ontario Securities Commission (the "OSC"), has accepted the Company's request for, and has granted, a management cease trade order (the "MCTO"). As previously announced on November 13, 2020, the application for the MCTO was made by the Company due to a delay in the preparation and filing of the Company's annual audited financial statements for the financial year ended July 31, 2020, the accompanying management's discussion and analysis and the related CEO and CFO certifications (collectively, the "Annual Filings") which were due November 30, 2020.
The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer, the Chief Financial Officer, and the directors of the Company until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted. Furthermore, the Company will not be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of December 1, 2020, prior to these filings.
The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company.
The Company continues to work closely with its auditor and expects to file the Annual Filings no later than January 31, 2021. During the MCTO, the Company confirms that it will comply with the provisions of the alternative information guidelines set out in National Policy 12-203 respecting Management Cease Trade Orders for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release. Further, if the Company provides any information to any of its creditors during the period in which it is in default of filing the Annual Financial Statements, the Company confirms that it will also file material change reports on SEDAR containing such information.
The Company confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
About GreenBank
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL). GreenBank's
For more information please see www.GreenBankCapitalInc.com, or contact Mark Wettreich at (647) 693 9411 or by email Mark@GreenBankCapitalinc.com.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., the raising of additional capital and the future development of the businesses comprising GreenBank's investment portfolio. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GreenBank can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and GreenBank disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: GreenBank Capital Inc.
View source version on accesswire.com:
https://www.accesswire.com/619038/GreenBank-Capital-Inc-Announces-Management-Cease-Trade-Order-Per-National-Policy-12-203
FAQ
What is the purpose of the management cease trade order for GreenBank Capital (GRNBF)?
When is GreenBank Capital expected to file its annual financial statements?