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Champignon to resume trading April 23 after 10 months

2021-04-22 18:46 ET - News Release

Dr. Roger McIntyre reports

CHAMPIGNON BRANDS ANNOUNCES REVOCATION OF CEASE TRADE ORDERS

Champignon Brands Inc. has noted that the British Columbia Securities Commission and Ontario Securities Commission have revoked their cease trade orders against the company effective April 22, 2021.

"We are pleased to be moving forward with a strengthened team and focus on governance. We have successfully advanced our business strategy to establish a network of clinics designed to provide rapid-acting treatments for adults with depression," said Dr. Roger McIntyre, chairman and chief executive officer. "Depression is known to be one of the most disabling conditions across Canada and around the world. In addition, we have also been able to advance our research and development towards discovering novel drug treatments for individuals affected by depression.

"The stress of the COVID-19 pandemic has been unprecedented, and it has highlighted the need to provide novel treatments for individuals suffering from depression. We are well positioned to be a leader in both implementing rapid-acting ketamine/esketamine-based treatments for depression and discovering innovative future treatments for persons affected by depression."

Resumption of trading

Following the revocation of the cease trade orders and the Canadian Securities Exchange's acceptance of the listing statement referred to below, the company anticipates that trading of its common shares on the CSE will recommence on April 23, 2021.

The company's common shares were cease traded by the commissions for (i) content deficiency in the Ccompany's material change report dated April 30, 2020, and (ii) failure to provide periodic disclosure for the interim period ended June 30, 2020.

Steps taken by Champignon during the cease trade period

  • On Jan. 11, 2021, the company appointed a new chief financial officer and general counsel.
  • On March 11, 2021, the company filed (or refiled, as applicable) interim financial statements and management's discussion and analysis for the interim periods ending March 31, 2020, June 30, 2020, and Sept. 30, 2020, respectively, as previously announced by the company.
  • On March 15, 2021, the company filed a notice of change in corporate structure pursuant to Part 4 of National Instrument 51-102 -- Continuous Disclosure Obligations.
  • On March 22, 2021, the company filed interim financial statements and management's discussion and analysis for the period ended Dec. 31, 2020.
  • On March 26, 2021, the company filed a listing statement with the Canadian Securities Exchange, reflecting the acquisition by the company of AltMed Capital Corp. on April 30, 2020, and containing required disclosure concerning that acquisition.
  • On April 15, 2021, the company filed an amended and restated listing statement with the CSE, reflecting the share cancellation described below and outlining additional escrow agreements entered into by senior officers of the company.

All the above documents are available under the company's profile on SEDAR.

Share cancellation

In addition, effective April 12, 2021, the company received voluntary contributions of capital from existing shareholders, resulting in the cancellation of 9.78 million common shares. The total number of common shares outstanding is consequently reduced from 177,290,212 to 167,510,212 common shares.

About Champignon Brands Inc.

Champignon is a medical solutions company that aims to reduce the illness burden of brain-based mental disorders (for example, major depressive disorder). Its operations are primarily focused on (i) owning and operating multidisciplinary clinics providing treatment for mental health disorders and (ii) research activities related to discovering and commercializing novel drugs and delivery methods.

Champignon develops ketamine and psilocybin derivatives and other psychedelic products from the company's IP (intellectual property) development platform. Champignon, through its wholly owned subsidiary, the Canadian Rapid Treatment Center of Excellence Inc., currently operates multidisciplinary community-based clinics offering rapid-onset treatments for depression located in Mississauga, Toronto, Ottawa and Montreal.

We seek Safe Harbor.

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