Junior sulfate of potash producer SOPerior Fertilizer Corp., Mississauga, Ont., reported on April 8 that the Ontario Securities Commission has issued a Failure to File Cease Trade Order against the company and its securities.
The order ceases all trading in the securities of the company in all provinces where the company is a reporting issuer and in which Multilateral Instrument 11-103 – Failure-to-File Cease Trade Orders in Multiple Jurisdictions applies.
SOPerior said, however, that holders of securities who are not participating in the control of the company or who are not insiders of the company may trade in the securities provided the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation and through an “foreign organized regulated market,” as defined in Section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada (IIROC). The order will remain in effect until the company files its annual financial materials.
While the company is currently a registered issuer on the NEX Board of the Toronto Venture Exchange, it was listed on the Toronto Stock Exchange on Dec. 31, 2020. The company failed to file its annual financial statements for the year ended Dec. 31, 2020, the related management discussion and analysis annual information form, and the certifications of annual filings by March 31, 2021, as is required for a Toronto Stock Exchange issuer.
SOPerior said it continues to work closely with its auditor and expects to file the 2020 Annual Financial Statements and other annual filings as soon as possible. Once the 2020 annual filings are finalized, the company will seek to have the Cease Trade Order revoked.