CALGARY, AB / ACCESSWIRE / February 8, 2020 / Nextraction Energy Corp. (NEX:NE.H) (the "Company" or "Nextraction") advises that it has received revocation of the Cease Trade Orders (the "CTOs") previously issued by the Alberta Securities Commission (the "ASC") on May 6, 2015 and the British Columbia Securities Commission (the "BCSC") on May 8, 2015. The revocation by the ASC of its CTO is effective as of February 7, 2020 and the revocation of the BCSC CTO is effective as of February 7, 2020.
The CTOs were issued as a result of Nextraction not filing the Annual Audited Financial Statements for the year ending on December 31, 2014, its Management's Discussion and Analysis relating to these financial statements, and the chief executive officer and chief financial officer certificates in connection therewith on the prescribed deadline, as required under applicable disclosure securities regulations.
In September, 2019 and May 2019 Nextraction filed the required financial documents and other continuous disclosure documents and has more recently filed amended Management Discussion and Analysis for the year ended December 31, 2018, and a Statement of Executive and Director Compensation.
Nextraction is no longer a company involved in oil and gas activities. The Company currently has no material assets.
The Company has also committed to holding an Annual General Meeting of its shareholders within three (3) months of obtaining the last of the revocation of the CTOs.
Now that the CTOs are revoked the Company intends to proceed to locate business opportunities for the Company. The Company does not intend to re-list its shares for trading on the TSX Venture Exchange until it has located a new business for the Company or as otherwise determined by the Nextraction Board of Directors.
For further information please contact:
John Zang, CEO
Telephone: 403 680 9264
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information in this news release may contain forward looking information. Statements containing forward looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the company.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
The forward-looking information contained in this news release is as of the date hereof and Nextraction does not undertake any obligation to update publicly or to revise any of the included forward looking statements contained herein, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities and Exchange Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
SOURCE: Nextraction Energy Corp.