Cease trade order issued by the British Columbia and Ontario Securities Commissions.
Sunniva Inc. (CSE:SNN) announced that, after the close of markets on June 22, 2020, the Company received a cease trade order issued by the British Columbia and Ontario Securities Commissions as a result of Sunniva's failure to file the following periodic disclosure required by British Columbia and Ontario securities legislation:
- The Company's audited annual financial statements for the year ended December 31, 2019;
- Management's Discussion and Analysis relating to the Company's audited annual financial statements for the year ended December 31, 2019;
- Certification of the foregoing filings by the Company as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.
The Cease Trade Order, among other things, prohibits any person or company from trading, directly or indirectly, in any security of the Company in the Province of British Columbia, and in every other province or territory of Canada in which Sunniva is a reporting issuer and in which Multilateral Instrument 11-103 – Failure-to-File Cease Trade Orders in Multiple Jurisdictions applies, except for:
- a beneficial security holder of the Issuer who is not, and was not at the date of the Cease Trade Order, an insider or control person of the Issuer, may sell securities of the Issuer acquired before the date of the Cease Trade Order if both of the following apply:
- the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada; and
- the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.
As previously announced, the Company has prepared its annual financial statements and plans to engage its auditors and begin the audit of the annual statements following confirmation of the waiver of conditions with respect to the sale of its property at Okanagan Falls, British Columbia, announced on June 8, 2020. The waiver of conditions for the OK Falls Transaction is expected on July 2, 2020. At this time, the Company is unable to estimate when the Annual Filings will be completed and filed. The Company will provide updates with respect to the Annual Filings when in a position to do so.
Holders of Sunniva securities are urged to consult with their own investment advisors or legal counsel about the implications of the Cease Trade Order.
Disclaimer: Past performance is not an indicator of future performance.
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