XTM Announces Receipt of MCTO
The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities of the Company.
In connection with the Corporation's expectation that it may be unable to file the Issuer Statements on time, the Corporation applied for an MCTO under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") as disclosed in the Corporation's news release dated April 22, 2024.
As previously announced, the Corporation applied for the MCTO due to a delay related to audit procedures and quality review to support reliance on third party service organizations XTM, and has now determined that it will not be able to the file Issuer Statements on time.
On April 30, 2024, the OSC, as the Corporation's principal regulator, granted the Corporation's application for the MCTO.
The Corporation's finance and accounting teams are working diligently with its auditors and the Corporation expects to have the audit of the Issuer Statements completed no later than May 31, 2024. The Corporation will issue a news release once the Issuer Statements have been filed. Until the Corporation files the Issuer Statements, it will comply with the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default status reports, in the form of news releases, for so long as the Issuer Statements have not been filed.
About XTM
XTM, with offices in
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Disclaimer for Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking information in this press release includes, without limitation, statements relating to the date of filing of the Issuer Statements and the satisfaction of the provisions of NP 12-203.
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, third parties such as the auditors of the Corporation and the Corporation’s principal regulator, the OSC, in respect of the Issuer Statements respectively, as well as the Corporation’s ability to adequately respond to the needs of the Corporation’s auditor in completing the audit, and being able to sufficiently complete all work required by the Corporation to allow for the filing of the Issuer Statements.
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Corporation undertakes no obligation to update or revise any forward looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward looking information, except as required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501429141/en/
Marilyn Schaffer
E: finance@xtminc.com
T: 416.260.1641
Source: XTM Inc.