Mr. Rodney Irwin reports
STANS ENERGY ANNOUNCES APPROVAL OF MANAGEMENT CEASE TRADE ORDER
Stans Energy Corp. has been granted a management cease trade
order (MCTO) by its principal regulator, the Ontario Securities
Commission, following the company's application for an
MCTO to be issued.
As previously announced by press release dated Nov. 28, 2013, the
application for the MCTO was made by the company in respect to the late
filing of the corporation's interim financial statements, accompanying
management's discussion and analysis, and related chief executive officer and chief financial officer certifications for the period ended Sept. 30, 2013, which were to be filed at the latest on Nov. 29, 2013. The
reason for the delay is that the company is considering impairment
charges against its assets and needs more time to determine the
appropriate impairment for inclusion in its financial reporting.
The MCTO restricts all trading in securities of the company, whether
direct or indirect, by the chief executive officer and the chief
financial officer of the company until such time as the third quarter filings have
been filed by the company. The MCTO does not affect the ability of
shareholders who are not insiders of the corporation to trade their
securities. However, the applicable Canadian securities regulatory
authorities could in future determine, in their discretion, that it
would be appropriate to issue a general cease trade order against the
company affecting all of the securities of the company. A copy of the
MCTO will be posted to the company's website.
Until the MCTO is lifted, Stans will comply with the alternative
information guidelines set out in National Policy 12-203, Cease Trade
Orders for Continuous Disclosure Defaults, for issuers that have failed to
comply with a specified continuous disclosure requirement within the
times prescribed by applicable securities laws. The guidelines, among
other things, require the company to issue biweekly default status
reports by way of a news release, and one will be forthcoming in the
prescribed time frame.
The company anticipates that it will be in a position to remedy the
default by filing the required filings by Jan. 28, 2014. The MCTO
will be in effect until after the required filings are filed.
There are no insolvency proceedings to which the company is subject.
There is no material information concerning the affairs of the company
that has not been generally disclosed.
We seek Safe Harbor.
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