Cease trade order
The Company previously reported that on May 6, 2019 the Ontario Securities Commission issued a cease trade order (the “Cease Trade Order”) against the Company pursuant to National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions and its securities have been halted from trading on the TSX Venture Exchange (the “Exchange”). The Company disclosed on May 1, 2019 that its audited financial statements, CEO and CFO certifications , and management discussion and analysis (collectively, the “Annual Filings”) for the year ended December 31, 2018 were not completed by the deadline of April 30, 2019 and that the Company expected a cease trade order to be issued against it.
At the time of the Cease Trade Order, the Company had insufficient capital to cover the cost of the audit. It has subsequently raised the funds to pay, among other items, the cost of the audits for its 2018 and 2019 fiscal years.
The Company filed its Annual Filings for 2018 on December 1, 2020. On December 18, 2020, it filed its interim financial statements, management’s discussion and analysis, and the related officer certificates for the three-month periods (collectively, the “Interim Filings”) ended March 31, 2019, June 30, 2019 and September 30, 2019.
The Company has not filed its Annual Filings for year ended December 31, 2019, or its Interim Filings for the three-month periods ended March 31, 2020, June 30, 2020 and September 30, 2020.
The Cease Trade Order affects all securities of the Company and will remain in effect until such time as the Company has filed all outstanding Annual Filings and Interim Filings. The Company is currently working diligently and expeditiously with its auditors and expects to file 2019 Annual Filings as soon as possible. The Interim Filings for 2020 interim periods will be filed shortly after the 2019 Annual Filings are filed.
Non-convertible debt financing
On December 16, 2020, Stephen J.J. Letwin, a director and Chairman of the Board of Directors, provided a loan in the amount of $100,000. This loan is not convertible into securities of the Company, is unsecured, bear an annual interest rate at 10% and is due on demand.
About ONEnergy Inc.
ONEnergy common shares are listed on the TSX Venture Exchange under the symbol “OEG”. Material information about ONEnergy can be found on SEDAR under the Company’s issuer profile at www.sedar.com . ONEnergy's corporate website may be found at www.onenergyinc.com .
For additional information please contact:
Stephen J.J. Letwin, Chairman, irinfo@onenergyinc.com
Ray de Ocampo, Chief Financial Officer, irinfo@onenergyinc.com, +1 (647) 253-2534
The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of ONEnergy and its subsidiaries that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by ONEnergy at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by ONEnergy that actual results achieved will be the same, in whole or in part, as those forecast.
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.
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