CIELO ANNOUNCES APPLICATION FOR THE MANAGEMENT CEASE TRADE ORDER HAS BEEN ACCEPTED
Further to Cielo Waste Solutions Corp.'s news release dated Aug. 27, 2021, the British Columbia Securities Commission (BCSC) has accepted the company's application for a management cease trade order (MCTO), pursuant to National Policy 12-203 -- Management Cease Trade Orders. The BCSC issued the MCTO on Aug. 31, 2021. The application for the MCTO was made by the Company voluntarily due to a delay in the filing of its audited annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended April 30, 2021 (the "Annual Filings").
While the Management Cease Trade Order is in effect, the public will not be affected in their trading of the Company's listed common shares.
Under the terms of the MCTO, only the Company's CEO and CFO will not be able to trade in the Company's common shares until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted by the BCSC. In addition, prior to approval of the MCTO by the BCSC, Cielo imposed a blackout for all insiders. This blackout will remain in effect until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted by the BCSC. The Company is working expeditiously with its independent auditor to complete the filing of the Annual Filings. Currently, the Company anticipates being able to complete the Annual Filings on or before September 14, 2021. During the MCTO, the Company confirms that it will comply with the provisions of the alternative information guidelines set out in NP 12-203 for as long as it remains in default, including the issuance of biweekly default status reports, each of which will be issued in the form of a news release (until and unless the Annual Filings are filed).
The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.