Mr. Bruce Clark reports
NOTICE OF DEFAULT
DEFUALT STATUS REPORT
Nirvana Life Sciences Inc. has
been delayed in filing its audited annual financial statements for its financial year ended April 30, 2023, and the related
management's discussion and analysis, and certifications by the chief executive officer and chief financial officer (collectively the
required filings). Under National Instrument 51-102 (Continues Disclosure Obligations) of the Canadian Securities Administrators, the required filings
should have been made not later than Aug. 28, 2023.
The issuer applied to the British Columbia Securities Commission and the Ontario Securities Commission
pursuant to Part 4 of National Policy 12-203 for a management cease trade order (MCTO) as an alternative to a
general cease trade order (CTO) in connection with the pending late filing of the required filings. The MCTO was
granted Aug. 29, 2023, and will remain in effect until the default is remedied. The issuance of a management cease trade order generally
does not affect the ability of persons who have not been directors, officers or insiders of the company to trade in their securities.
The delay in filing the audited annual statements is a result of the company waiting on advice from its accountants as to how to treat
a number of transactions material to the business of the company. Once this advice has been received, the matter will be referred to
the company's board of directors for decision, the statements updated and the audit completed. The company expects the audit to be
complete by Oct. 27, 2023.
The company has not taken any steps toward any insolvency proceeding and the company confirms that there is no material information
relating to its affairs that has not been generally disclosed.
The MCTO prohibits trading in securities of the issuer, whether direct or indirect, by:
- The issuer's chief executive officer;
- The issuer's chief financial officer; and
- The members of the board of directors of the issuer or other persons or companies who had, or may have had, access directly
or indirectly to any material fact or material change with respect to the issuer that has not been generally disclosed.
Should the issuer fail to make its required filings on or before Oct. 27, 2023, the principal regulator can impose a cease trade order
such that all trading in securities of the issuer cease for such period of time as the principal regulator may deem appropriate.
About Nirvana Life Sciences Inc.
Nirvana Life Sciences has been founded with a simple objective of researching and developing non-addictive pain management and relapse prevention products that mitigate the symptoms of chronic pain and support patients who battle with addiction. Nirvana believes that pairing naturally sourced ingredients with modern medicine holds the promise of delivering non-addictive therapeutic solutions. Backed by a team of global leading researchers, Nirvana will develop life-changing therapies for those suffering from pain and addiction and consequently alleviate the fiscally strained medical system.
© 2024 Canjex Publishing Ltd. All rights reserved.