AUBURN, IN / ACCESSWIRE / July 10, 2020 / Perpetual Industries Inc. (OTC PINK:PRPI) (the "Company") is pleased to announce that the Alberta Securities Commission ("ASC") and the British Columbia Securities Commission ("BCSC") have each issued the Company revocation orders dated July 6, 2020 and July 9, 2020, respectively, granting full revocation of cease trade orders previously issued by the ASC and BCSC.
The ASC previously issued a cease trade order against the Company on December 4, 2015 (the "AB CTO") and the BCSC issued a cease trade order against the Company on December 8, 2019 (the "BC CTO" and collectively the "CTOs"). The CTOs were issued against the Company due to the Company's failure to file its annual information form, certification of annual filings, annual audited financials, annual management discussion and analysis for the year ended July 31, 2015 (the "CD Materials").
On May 5, 2019 and May 8, 2019 respectively, the Company was granted partial revocation orders by the ASC and BCSC in order to complete a private placement (the "Private Placement") for an amount of up to a maximum of $200,000 USD by way of the issuance of common shares in the Company. The Private Placement was completed for the purpose of covering all costs and fees (including audit fees, professional fees, late filing fees and other applicable fees) associated with bringing the Company's continuous disclosure requirements up to date.
After the successful completion of the Private Placement, the Company was able to prepare and file all of the required CD Materials. Copies of the CD Materials can be found on the Company's profile on the System for Electronic Document and Retrieval ("SEDAR") at www.sedar.com. The trading in, and acquisition of, securities of the Company is no longer prohibited.
For further information, please contact:
Chief Operating Officer
SOURCE: Perpetual Industries, Inc.