Gravitas Financial Announces Delayed Filing of Annual Disclosure Documents Pursuant to OSC Blanket Instrument 51-502
Toronto, Ontario--(Newsfile Corp. - April 15, 2020) - Gravitas Financial Inc. (CSE: GFI) ("Gravitas Financial" or the "Company") today announced in accordance with Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements of the Ontario Securities Commission (the "Blanket Exemption Order"), which was adopted for the purpose of providing certain filing and other relief to issuers in light of the challenges posted by the COVID-19 pandemic, that it will be delaying the filing and delivery of certain of its continuous disclosure documents.
The Company is relying on the Blanket Exemption Order in delaying (i) the filing of its annual consolidated financial statements and related management discussion and analysis for the year ended December 31, 2019 (collectively, the "Required Annual Filings"), and (ii) compliance with the delivery requirements of applicable securities laws relating to the Required Annual Filings. The officers and directors of the Company and certain other persons will remain subject to a trading black-out pursuant to which such persons are prohibited from trading in any securities of the Company until the end of the second full trading day following the day on which the Required Annual Filings are filed on SEDAR and a corresponding news release is issued by the Company.
The Company currently intends to make the Required Annual Filings by June 12, 2020.
Since the filing of the Company's third quarter 2019 interim consolidated financial statements and related management discussion and analysis on November 29, 2019, the Company has disclosed by way of news release or filings on SEDAR, the following significant business developments:
- On December 15, 2019 the Company announced that it had sold to Ilium Capital Corp. indebtedness in a principal amount of $4,993,739 owing to it by 2242257 Ontario Inc., an affiliate of the Company for consideration of $375,000 pursuant to a debt purchase agreement.
- On December 20, 2019 the Company announced that it had completed the closing of the transaction of selling to Ridley Park Capital Inc. its interest in Prime City One Capital Corp.
- On January 6, 2020 the Company announced that it had closed the previously announced transaction of selling its securities in the MINT Corporation for aggregate cash consideration of $1,098,099.
- On February 14, 2020 the Company announced that its former auditor MNP LLP has resigned and is replaced by it successor auditor McGovern Hurley LLP.
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events and, in certain cases, can be identified by the use of words such as "shall" and "intends" or the negative forms of any of these words and other similar expressions. Forward-looking statements include the use of proceeds of the Transaction. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to vary from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of Gravitas believes are reasonable assumptions on the date of this news release, Gravitas cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties and other risks detailed from time-to-time in Gravitas' ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. These forward-looking statements are made as of the date of this news release and Gravitas disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
ABOUT GRAVITAS FINANCIAL INC.
Gravitas Financial Inc. is a platform company that creates businesses in key traditional and emerging sectors with strong industry partners. Our industry focus includes financial services and fintech. We leverage our unique platform to develop a continuous pipeline of new ventures with significant blue-sky potential. Our platform is complimented by strong investment research and digital investment media groups.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Vikas Ranjan, President, Gravitas Financial Inc.
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