Consolidated Tanager Limited Press Release

April 14, 2014 2:41 PM EDT | Source: Consolidated Tanager Limited

Toronto, Ontario--(Newsfile Corp. - April 14, 2014) - On Wednesday April 9, 2014 the Ontario Securities Commission ("OSC") issued a Revocation Order, pursuant to Section 144 of the Securities Act (the "Act"), revoking an Ontario Cease Trade Order (the "Order") relating to the shares of Consolidated Tanager Limited ("Tanager") which Order was issued on November 7, 2013 and subsequently extended on November 20, 2013.

The Order was made on the basis that Tanager was in default of filing its audited annual financial statements for the year ended June 30, 2013, the applicable certification documents relating thereto, in default of filing its interim financial statements for the period ended September 30, 2013, its management's discussion and analysis ("MD&A") relating to its interim financial statements for the period ended September 30, 2013 as well as the applicable certification documents therefor, all as required by applicable law.

As a result of the foregoing, Tanager revised and re-filed on SEDAR on April 2, 2014 its condensed interim financial statements for the six months ended December 31, 2013, the certifications required for the foregoing filings for the corresponding period (the "Q2 2013 Interim Filings") as well as the notes to the condensed interim financial statements for the nine months ended March 31, 2013 (the "Q3 2013 Notes") in connection with Tanager's application for revocation of the cease trading order. Tanager also provided Undertakings to the OSC to the following effect:

(a)     That Tanager would hold an annual meeting of shareholders within three months after the date on which the Ontario Cease Trade Order is revoked; and,

(b)     That Tanager would not complete

  (i)

a restructuring transaction involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada,

     
  (ii)

a reverse take-over with a reverse take- over acquirer that has direct or indirect, existing or proposed, material underlying business which is not located in Canada, or

     
  (iii)

a significant acquisition involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada,

     
  unless,
     
  (i)

the Applicant files a preliminary prospectus and a final prospectus with the Ontario Securities Commission and obtains receipts for the preliminary prospectus and the final prospectus from the Director under the Securities Act (Ontario),

     
  (ii)

the Applicant files or delivers with the preliminary prospectus and the final prospectus the documents required by Part 9 of National Instrument 41- 101 General Prospectus Requirements ("NI 41-101") including a completed personal information form and authorization in the form set out in Appendix A of NI 41- 101 for each current and incoming director, executive officer and promoter of the Applicant, and

     
  (iii)

the preliminary prospectus and the final prospectus contain the information required by the applicable securities legislation, including the information required for a probable restructuring transaction, reverse takeover or significant acquisition (as applicable).

     

For further information contact: C.A. Burns at 416-422- 5321.

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