The Issuer applied to the Ontario Securities Commission for a partial revocation of a failure-to-file cease trade order (FFCTO) issued in November 2019.
The Issuer sought the partial revocation to complete a $250,000 private placement financing of senior secured non-convertible debentures with related parties.
The proceeds of the financing were intended to be used to bring the Issuer's continuous disclosure record up to date, pay outstanding regulatory fees, and provide limited working capital.
The Commission granted the partial revocation order, subject to conditions including the dissemination of a press release and obtaining written acknowledgements from the financing participants that the securities remain subject to the FFCTO.