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MIAMI, May 9, 2022 /CNW/ - Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) ("Cansortium" or the "Company"), a vertically-integrated cannabis company operating under the Fluent™ brand, today announced that, further to its press release issued on May 2, 2022, at the request of the Company, the Ontario Securities Commission (the "OSC") has issued a management cease trade order (the "MCTO") against the Company pursuant to National Policy 12-203 – Management Cease Trade Orders ("NP 12-203").
The Company had applied for the MCTO as an alternative to a failure-to-file cease trade order in connection with the delay of filing its audited annual financial statements for the year ended December 31, 2021, the related management's discussion and analysis and CEO and CFO certificates (such filings, collectively, the "Required Documents"), which were required to be filed on or before May 2, 2022.
The Company is advised by its auditors that they anticipate the completion of their work and issuance of their audit report by May 27, 2022. The Company intends to file the Required Documents promptly thereafter.
The MCTO prevents its Chief Executive Officer and Chief Financial Officer from trading in Cansortium's securities but does not affect the ability of other shareholders, including the public, to trade in securities of Cansortium. The MCTO will remain in effect until two full business days following the receipt by the OSC of all filings the Corporation is required to make under Ontario securities law (including the Required Documents).
Cansortium confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains delayed in filing the Required Documents. The Company is not currently subject to any insolvency proceedings. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release. Other than as disclosed herein, Cansortium is up to date in its filing obligations.
About Cansortium Inc.
Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania, Michigan and Texas. The Company operates under the Fluent™ brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium's unrelenting commitment to operational excellence in cultivation, production, distribution and retail. The Company is headquartered in Miami, Florida.
Cansortium Inc.'s common shares trade on the CSE under the symbol "TIUM.U" and on the OTCQX Best Market under the symbol "CNTMF." For more information about the Company, please visit www.getfluent.com.
Robert Beasley, CEO
Investor Relations Contact
Sean Mansouri, CFA
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SOURCE Cansortium Inc
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/09/c3988.html