RE:What's going on today PreveCeutical Announces Management Cease Trade Order
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2024) - PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) (the "Company" or "PreveCeutical") announces that the Company has missed the filing deadline of April 29, 2024 to file the Company's audited annual financial statements and accompanying management's discussion and analysis, with related CEO and CFO certificates, for the financial year ended December 31, 2023 (collectively, the "Annual Filings"), as required under applicable Canadian securities laws.
In connection with the Company's inability to file the Annual Filings on time, the Company applied for a Management Cease Trade Order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") and the MCTO was issued by the British Columbia Securities Commission effective as of May 2, 2024.
The Company was unable to file its Annual Filings within the required time due to a lack of funds, which prevented the Company from engaging its auditors and completing its audit in a timely manner. The Company expects to file the Annual Filings as soon as they are available, but in any event no later than June 28, 2024.
The Company will issue a news release once the Annual Filings have been filed. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.
The Company also anticipates completing a private placement for gross proceeds of up to $250,000 (the "Proposed Private Placement") in the near future, and expects to use the proceeds of the Proposed Private Placement for working capital purposes, including payment of audit related fees. The Company will provide further details on the Proposed Private Placement in a subsequent news release.
During the MCTO, the general investing public will continue to be able to trade in the Company's common shares (the "Shares") listed on the Canadian Securities Exchange. However, the Company's CEO, CFO and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the Shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of April 29, 2024, being the date of the Company's anticipated continuous disclosure default.
The Company is not subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Annual Filings, the Company confirms that it will also file material change reports on SEDAR+ containing such information.
About PreveCeutical
PreveCeutical is a health sciences company focused on developing innovative options for preventive and curative therapies utilizing organic and nature identical products. The Company aims to be a leader in the preventive health sciences sector.
With the completion of three of its research programs, the Company is actively working on the development, clinical trials, and commercialization of its products; and has filed a number of provisional patent applications to protect the intellectual property from its research programs.
For more information about PreveCeutical, please visit our website www.PreveCeutical.com or follow us on Twitter and Facebook.
On behalf of the Board of Directors of PreveCeutical
Stephen Van Deventer, Chairman, Chief Executive Officer and interim Chief Financial Officer
For further information, please contact:
Stephen Van Deventer: +1 604 306 9669
Or Investor Relations ir@preveceutical.com