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Sparta Capital completes MCTO application filing
2022-01-28 01:12 ET - News Release
Mr. John O'Bireck reports
SPARTA PROVIDES STATUS REPORT ON DELAY IN FILING ANNUAL FINANCIAL STATEMENTS
Further to the Jan. 25, 2022, news release, Sparta Group Ltd. has completed the filing of an application seeking a management cease trade order under National Policy 12-203 from the Alberta Securities Commission.
In the default announcement, Sparta reported that it was preparing an application seeking an order for an MCTO from the ASC because the company was unable to file its annual financial statements for the year ended Sept. 30, 2021, in time to meet the Jan. 28, 2022, filing deadline. The delay in filing is related to senior management involved in audit preparation work contracting COVID-19 during the holiday season. The company has agreed to file the annual filings on or before March 1, 2022.
While the MCTO restricts all trading in securities of the company by the chief executive officer and chief financial officer of the company until the MCTO is no longer in effect, regular trading by current and future investors outside of the company continues as normal. The MCTO will be in effect until the annual filings are filed.
Until the annual filings are filed, the company intends to satisfy the provisions of the alternative information guidelines set out in National Policy 12-203 (Management Cease Trade Orders).
The company confirms that, other than what was disclosed in prior press releases, there have been no material business developments since the filing of the company's latest interim financial report, and while the delay in filing is largely due to COVID-19, the company continues to operate as usual and generate revenue.