Orion Nutraceuticals Inc., (CSE:ORI) (the “Company” or “Orion”) announces that it has made an application to the British Columbia Securities Commission (“BCSC”) to approve an extension to its existing management cease trade order (“MCTO”) under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”), which, if granted, will continue to prohibit trading in securities of the Company by certain insiders of the Company, whether direct or indirect.
The Company was granted an MCTO by the BCSC on October 1, 2019. The Company has previously advised that it expected to be in a position to file the financial statements and accompanying management’s discussion and analysis of the Company for the fiscal year ended May 31, 2019 (the “Annual Filings”) on or before November 29, 2019.
The Company has been informed by its auditor, DMCL LLP, that it would not be in a position to complete the audit by November 29, 2019. The Company has been working diligently with DMCL LLP to ensure that the audit is completed as soon possible. The Company has now applied to extend the MCTO and anticipates being in a position to file the Annual Filings by December 13, 2019.
The existing MCTO presently continues to be in effect.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines set out in section 4.3 and 4.5 of NP12-203 so long as it remains in default of filing the Annual Filings.
There is no material information concerning the affairs of the Company which has not been generally disclosed.
About Orion Nutraceuticals Inc.
Orion Nutraceuticals Inc. aims to set a new standard in cannabis life science by producing and developing innovative products with key strategic partners in the industry. In conjunction with its professional sports strategic alliances, the company is poised to advance research and development in the plant science sector, deliver science-based products and services, and market CBD therapies to the mainstream with proprietary brands and products. Orion shares trade in Canada on the CSE under the symbol ORI.
ON BEHALF OF THE BOARD
Joel Dumaresq, CEO
Orion Nutraceuticals Inc.
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