Toronto, Ontario – TheNewswire - July 15, 2024 - Zonetail Inc. (“Zonetail” or the “Company”) (TSXV: ZONE) (OTC Pinks: ZTLLF) provides an update on the relisting of its common shares on the TSX Venture Exchange (the “Exchange”). On May 7, 2024, the Ontario Securities Commission (the "OSC") issued a failure-to-file cease trade order (the "FFCTO") against the Company under Multilateral Instrument 11-103 - Failure-to-File Cease Trade Orders in Multiple Jurisdictions. The FFCTO was issued as a result of the Company's delay in filing its annual financial statements, accompanying MD&A and CEO and CFO certifications for the fiscal year ended December 31, 2023 (the "Required Filings") beyond the regulatory deadline of April 29, 2024.
On June 28, 2024, the OSC revoked the FFCTO after the Company released its Required Filings. Trading of the Company’s common shares resumed in the United States on the OTCPinks, where it closed on Friday, July 12, 2024, at US$0.056.
Since June 28, 2024, the Company has been working with the Exchange to satisfy its re-listing requirements. There have been numerous requests for information received from the Exchange, which the Company has diligently provided. Following this issuance of this press release, the Exchange will proceed with the issuance of a reinstatement bulletin, and trading will take effect two business days after the bulletin date.
The Company wishes to provide additional details related to the appointment of Frontier Flex Marketing (2612130 Ontario Ltd.), part of the Frontier Merchant Capital Group ("Frontier"), as a marketing consultant which was press released on October 19, 2023.
Frontier and the Company are unrelated and to the best of the Company’s knowledge Frontier or its principles have not, directly or indirectly acquired any of the Company’s securities, nor have they any right or intent to acquire such an interest. Frontier was retained for a 12-month period, commencing October 1, 2023, at $96,000 plus direct expenses, with a payment of $50,000 on signing (paid) and quarterly payments of $15,333 (unpaid). The appointment was suspended, by mutual consent on January 1, 2024.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.