E Ventures Inc. Announces Partial Revocation of Cease Trade Order
Toronto, Ontario--(Newsfile Corp. - March 25, 2023) - E Ventures Inc. (the "Company" or the "Issuer") announces that, on March 23, 2023, the Ontario Securities Commission (the "OSC") has granted a partial revocation (the "Partial Revocation") of a cease trade order ("CTO") previously issued by the OSC on May 23, 2003 for failing to file certain outstanding continuous disclosure documents in compliance with National Instrument 51-102 Continuous Disclosure Requirements. The Partial Revocation permits the Company to complete a private placement transaction for the purpose of filing continuous disclosure documents, accounting, auditing, transfer agent, corporate service providers, filing fees and the application for a full revocation of cease trade order.
The Partial Revocation of the CTO was pursued in order to be able to complete a proposed private placement of up to 116,500,000 common shares in the province of Ontario (the "Transaction"), at a price of C$0.002 per common share.
The Transaction will be conducted on a prospectus exempt basis with subscribers in Ontario who satisfy the requirements of sections 2.3 (Accredited Investor) and 2.5 (Family, Friends, and Business Associates) of National Instrument 45-106 Prospectus Exemptions.
Prior to completion of the Transaction, each participant will receive a copy of the CTO and the Partial Revocation, and will be required to provide an acknowledgement to the Company that all of the Company's securities, including the common shares issued in connection with the Transaction, will remain subject to the CTO until such orders are fully revoked, and that the granting of the Partial Revocation by the Ontario Securities Commission does not guarantee the issuance of a full revocation order in the future. In addition, all common shares issued pursuant to the Transaction will be subject to a hold period of four months and a day from the closing date of the Transaction.
The Partial Revocation will terminate on the earlier of: (i) the completion of the Transaction, and (ii) May 22, 2023, being 60 days from the date on which the Partial Revocation was issued. There can be no assurances that the Transaction, will be completed on the terms set out herein, or at all, or that the proceeds of the Transaction will be sufficient for the purposes of the Company.
The Company does not have any definitive plans in place for the operation of the business at this time. However, the Company will proceed in an application for a full revocation of cease trade order in order to search for a business reverse take-over, merger, amalgamation or other form of combination.
The Company has filed a Material Change Report on SEDAR.
For more information, please contact:
Sheri Monardo, Administrator
NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/159902