Halt & RecoveryllXONICll,
In order to be listed and trading, companies must file y/e financial statements.
The CTO (halt) happened because FGD’s financial statements need to reflect the new IFRS accounting rules as they pertain to revenue recognition.
FGD must change some or all of their contracts such that they are broken down into “deliverables;” “the Company is actively working with licensees to amend the Agreements, to the extent possible, in order to address the revenue recognition issue.”
They hired Miller Thomson to assist them with this.
This takes time.
Once done, they will re-submit their f/s and the CTO will be lifted.
KingTrader1,
I expect that the share price recovery from .07 cents will be very fast.
Shorts will have to cover their positions that they had before the halt and the share price is way oversold at .07 cents; refer to the FGD directors recently buying shares on the open market (.215 cents to .256 cents) and below:
FIRST GLOBAL DATA LIMITED ("FGD")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: May 30, 2018 TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced February 8, 2018:
| Number of Shares: | 7,272,000 shares | |
| | | |
| Purchase Price: | $0.25 per share | |
| | | |
| Warrants: | 7,272,000 share purchase warrants to purchase 7,272,000 shares | |
| | | |
| Warrant Exercise Price: | $0.40 for a two year period | |
| | | |
| Number of Placees: | 7 Placees | |
| | | |
| Insider / Pro Group Participation: | | |
| | | |
| | Insider=Y / | |
| Name | ProGroup=P | # of Shares |
| Peter Lacey | Y | 1,500,000 |