RE: RE: 10 cents soonHotstock2009:
Wrong. Iciena is in default with the British Columbia Securities Commission. The "default code" for each of their March 31, June 30, and September 30 filings is
2c - which indicates they are missing parts of their Management Discussion & Analysis. Hopefully that pertains to the ridiculous amount of money they have lent a director(s) without explanation.
Click here to see an explanation for default codes
Click here to see the Defaulting Issuers List (click I to see Iciena)
The issue is unresolved.
The BCSC and the TSX-V are different. So in addition to being in default with the BCSC:
Based on previous posts here, it also appears Iciena is in direct violation of TSX-V Corporate Finance Manual rules, which clearly state that any money lent out must be disclosed to investors immediately.
There has never been a news release to that effect. They continue to lend money to this director without disclosing it, as the number grew from zero at the beginning of the year, to $81K in Q1 and then to $320+K in Q2.
Click here to read Policy 3.3 from the TSX-V Corporate Finance Manual.
From Policy 3.3 Section 3.8(G):
Withoutlimiting the concept of Material Information, the following events aredeemed to be material in nature and require immediate disclosure inaccordance with this Policy:
the borrowing or lendingof a significant amount of funds or any mortgaging, hypothecating orencumbering in any way of any of the Issuer’s assets, or an event ofdefault under a financing or other agreement;
From Policy 3.3 Section 12:
12. Breach of Policy
12.1Any Issuer which fails to comply with any provision of this Policy maybe subject to a trading halt of its securities without prior notice tothe Issuer until the Issuer has complied with all Exchange Requirements.
12.2The directors of any Issuer which fails to comply with any provision ofthis Policy, together with any officer, employee, agent and consultantof the Issuer who is responsible for the Issuer’s failure to complywith any provision of this Policy, may be prohibited by the Exchangefrom serving as a director or officer of an Issuer, or be prohibitedfrom being an employee, agent or consultant of an Issuer.