Mr. Darcy Bomford reports
TRUE LEAF ANNOUNCES MANAGEMENT CEASE TRADE ORDER PER NATIONAL POLICY 12-203
True Leaf Brands Inc.'s principal regulator, the B.C. Securities Commission, has accepted the company's request for, and the BCSC has granted, a management cease trade order.
As previously announced on July 26, 2021, the application for the MCTO was made by the company due to a delay in the preparation and filing of the company's annual audited financial statements for the financial year ended March 31, 2021, the accompanying management's discussion and analysis, and the related chief executive officer and chief financial officer certifications, which were due July 29, 2021.
The MCTO restricts all trading in securities of the company, whether direct or indirect, by the chief executive officer, the chief financial officer and the directors of the company until such time as the annual filings have been filed by the company and the MCTO has been lifted. The MCTO does not affect the ability of shareholders who are not insiders of the company to trade their securities. However, the applicable Canadian securities regulatory authorities could 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.
The company expects to file the annual filings as soon as they are available, but in any event no later than Sept. 29, 2021 (two-month period contemplated by National Policy 12-203). During the MCTO, the company confirms that it will comply with the provisions of the alternative information guidelines set out in National Policy 12-203 respecting management cease trade orders for as long as it remains in default, including the issuance of biweekly default status reports, each of which will be issued in the form of a news release. Further, if the company provides any information to any of its creditors during the period in which it is in default of filing the annual financial statements, the company confirms that it will also file material change reports on SEDAR containing such information. The company confirms that there is no other material information concerning the affairs of the company that has not been generally disclosed as of the date of this press release.
About True Leaf Brands Inc.
True Leaf is a licensed producer of cannabis preparing to launch a program to provide path-to-market services for microcultivators. The program will operate from the company's 40-acre property in Lumby, B.C., Canada, and will provide a full suite of in-house processing services to the craft cannabis community.
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