Material change;Full Description of Material Change
The Company announced that its annual financial statements for the year ended June 30, 2019, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Financial Filings”) were not filed by the required filing deadline of October 28, 2019 (the “Filing Deadline”).
The Annual Financial Filings were not filed on or before the Filing Deadline due to unforeseen delays in the completion of the Company’s audit of the annual financial statements for the year ended June 30, 2019. The Company’s proposed acquisition with DNA Canada Inc. announced in a news release dated September 27, 2019, took considerable time to finalize. The unforeseen delay was due to negotiations amongst the parties in respect of the structure of the acquisition. The Annual Financial Filings could not be completed until the structure was finalized.
In addition, Secova announces with great sadness that Mr. Daniel Denis, a director and member of the audit committee of the Company unexpectedly passed away on October 2, 2019. As a result of Mr. Denis’ death, remaining members of the Board and Audit Committee were unable to complete the Annual Financial Filings.