MONTREAL, June 13, 2023 (GLOBE NEWSWIRE) -- (CSE: EMER) Emergia Inc. (the “Corporation” or “Emergia”) is providing this default status report in accordance with National Policy 12-2023 Management Cease Trade Order (“NP 12-2023”) and the terms of a Management Cease Trade Order (“MCTO”) issued by the British Columbia Securities Commission (the “BCSC”) on May 2, 2023.
The MCTO was issued against the Corporation’s Chief Executive Officer and its Chief Financial Officer because the Corporation failed to file its audited financial statements for the fiscal year ended December 31, 2022, including the related Management Discussion and Analysis (collectively, the “Annual Financial Filings”) on or before April 30, 2023 (the “Filing Deadline”) as required under Part 4 and Part 5 of National Instrument 51-102 Continuous Disclosure Obligations (“NI 51-102”).
Pursuant to NP 12-203, the Corporation must file bi-weekly default status reports in the form of new releases until the MCTO is revoked.
Accordingly, the Corporation confirms that since the Default Announcement:
There have been no changes to the information contained in the Company’s May 2. 2023 press release announcing the default (the “Default Announcement”) that would reasonably be expected to be material to an investor;
There have been no failures by the Corporation to fulfill its stated intentions with respect to satisfying the provisions of the alternative information reporting guidelines under NP 12-203;
There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and
There have been no material changes in respect of the Corporation’s affairs that have not been generally disclosed.
During the MCTO, the general investing public will continue to be able to trade in the Corporation’s common shares listed on the Canadian Securities Exchange. However, the Corporation’s Chief Executive Officer and Chief Financial Officer will not be able to trade in the Corporation’s shares until the Annual Financial Fillings have been filed and the Executive Director of the BCSC revokes the MCTO.
The Corporation had initially aimed to file the Annual Filings on or before June 30, 2023. Due to delays within the annual holiday periods, the Corporation is discussing a realistic timeline with its auditors and appraisers, and will request an extension of the original MCTO to the principal regulator.
ABOUT EMERGIA INC.
EMERGIA operates mainly in Canada in the development, acquisition, and management of multi-purpose real estate, including retail, multifamily, industrial, and office buildings as well as land for future development. The Corporation’s investment platform is based on an integrated, agile and efficient develop-to-own strategy that enables EMERGIA to benefit from development profits and the value-add while securing stable long-term returns.
Source: Emergia Inc.
For more Information, please contact: Henri Petit CEO T: 1.888.520.1414 (Ext. 231) E: firstname.lastname@example.org