Financial Statements") before the prescribed filing deadlines.
The reasons for the default in filing of the Financial Statements prior to the required date is due to a combination of factors, including that the Corporation became aware that prior auditor will not able to take on mandate late following which the Corporation initiated immediate search for a new auditor, which took longer than expected as auditors are increasingly hesitant to take on crypto mandates, the hiring and onboarding of new auditor, and delays in audit of the new auditor as it needed to undergo additional procedures.
Considering the foregoing factors, it is the Corporation's submission that the present circumstances warrant the imposition of a management cease trade order ("Management CTO"), rather than a cease trade order ("CTO"), as contemplated under National Policy 12-203 - Cease Trade Order Orders for Continuous Disclosure Defaults ("NP 12-203"). The Corporation has applied for a Management CTO, however there is no assurance that it will be granted.
The Corporation's Financial Statements are required to be filed within 60 days of the prescribed deadline which is July 2, 2022 ("Extended Deadline"). The Corporation's failure to file such within this period may result in the securities commissions or regulators imposing an Issuer Cease Trade Order.
The Corporation has confirmed that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 for so long as...
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