Australis Capital suspended by the BCSC 2022-10-17 07:39 ET
AUSTRALIS PROVIDES DEFAULT STATUS REPORT
Further to its news release dated Aug. 1, 2022, Australis Capital Inc.'s principal regulator, the British Columbia Securities Commission, issued a cease trade order (the CTO) on Oct. 14, 2022, under National Policy 11-207 Cease Trade Orders (NP 11-207). Consequently, trading in the company's shares will be suspended until such time as it has filed its audited financials for fiscal 2022 (the period ended March 31, 2022) and its Q1 2023 (the period ended June 30, 2022). The company anticipates it will be compliant within the coming four weeks, and will continue to update the market accordingly. The audit delay is largely related to complexities around a potential material transaction.
"While it is unfortunate that we were not able to meet the extended deadline, rest assured we will get this done. Operationally as a company, we continue to progress with our projects in New York and New Jersey," said Terry Booth, chief executive officer. "The Biden announcement reaffirms that our strategy and vision are sound in this nascent U.S. cannabis industry. Audacious is well positioned as a significant early mover and we are pursuing multiple opportunities to accelerate growth. We have an amazing team that continues to deliver outstanding results. We will continue to work diligently with our auditors towards completing our filing obligations and we look forward to continuing to inform our shareholders on our operational progress."
The company's board of directors and management confirm that they are working expeditiously to file the required documents and confirm that since the company's press release dated Aug. 31, 2022, except as set out above:
There have been no material changes to the information contained in the default announcement that would reasonably be expected to be material to an investor.
There have been no failures by the company to fulfill its stated intentions with respect to satisfying the provisions of the alternative information reporting guidelines under NP 12-207.
There have been no material changes in respect of the company's affairs that have not been generally disclosed.
Update on Q1 interim financials
The filing of the company's interim financial statements for the three months ended June 30, 2022, including the accompanying management's discussion and analysis and related certifications, will be delayed and filed after the required documents are completed and filed. The company was granted an extension by the BCSC and expects to file the required interim filings on or before Oct. 21, 2022. In light of the delay in the filing of the company's annual results, the company does not anticipate filing Q1 results by this deadline and will continue to update the market on timing.