Elcora Provides Update on Status of Management Cease Trade Order
Rhea-AI Summary
Elcora Advanced Materials Corp. (TSX.V:ERA | OTCQB:ECORF) has provided an update on the management cease trade order (MCTO) granted on July 30, 2024, by the Nova Scotia Securities Commission. The MCTO was issued due to a delay in filing the company's financial statements and management's discussion and analysis for the fiscal year ended March 31, 2024. Elcora reports that the audit is progressing well, and they continue efforts to complete the remaining tasks.
During the MCTO, the general public can still trade Elcora's listed common shares, but the company's executives and directors cannot. Elcora confirms its intention to comply with NP 12-203 and will continue issuing bi-weekly default status reports until the Annual Filings requirement is met.
Positive
- Audit for delayed financial statements is progressing well
- General public can still trade company's shares during MCTO
Negative
- Delay in filing annual financial statements and management's discussion and analysis
- Management cease trade order (MCTO) issued, restricting executives and directors from trading shares
News Market Reaction
On the day this news was published, ECORF declined 90.01%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HALIFAX, Nova Scotia, Aug. 27, 2024 (GLOBE NEWSWIRE) -- ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF), (the "Company" or "Elcora"), is providing this update on the status of a management cease trade order granted on July 30, 2024 (the "MCTO") by the Nova Scotia Securities Commission under National Policy 12-203 – Management Cease Trade Order ("NP 12-203"). On July 12, 2024 and July 30, 2024, the Company announced that, for reasons disclosed in the news releases, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended March 31, 2024 (the "Annual Filings") beyond the period prescribed under applicable Canadian securities laws (the "Default Announcement").
The Company continues its efforts to complete the remaining audit tasks and reports that the audit is progressing well.
During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's chief executive officer, chief financial officer, and directors, will not be able to trade in the Company's common shares.
Other than as disclosed in this news release, there are no material changes to the information contained in the Default Announcement. The Company confirms that it intends to satisfy the provisions of NP 12- 203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement.
About Elcora Advanced Materials Corp.
Elcora was founded in 2011 and has been structured to become a vertically integrated battery material company. Elcora can process, refine, and produce battery related minerals and metals. As part of the vertical integration strategy Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable. This combination means that Elcora has the tools and resources for vertical integration of the battery minerals and metals industry.
For further information please visit the company's website at:
For further information please contact: Troy Grant, Director, President & CEO, Elcora Advanced Materials Corp., T: +1 902 802-8847
Qualifying Statements: Klaus Leiders P. Eng., a qualified person as defined by National Instrument 43-101, approves the technical information contained in this news release.
CAUTIONARY STATEMENT:
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock Exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Elcora, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Elcora’s expectations are exploration risks detailed herein and from time to time in the filings made by Elcora with securities regulators.
Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon.
FAQ
Why was a management cease trade order (MCTO) issued for Elcora Advanced Materials Corp. (ECORF)?
Can investors still trade Elcora (ECORF) shares during the MCTO period?
When does Elcora (ECORF) expect to complete its delayed annual filings?
How often will Elcora (ECORF) provide updates on the status of its annual filings?
