Sceptre Ventures Announces Filing Of Application For Management Cease Trade Order; Provides Update On Izon Network Inc. Transaction
Vancouver, BC - The Newswire - October 15, 2020: Sceptre Ventures Inc. ("Sceptre" and/or the "Company") (SVP.H:TSXV) will be unable to file its annual financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the financial year ended June 30, 2020 (collectively, the "Annual Filings") within the 120 day period prescribed for the filing of such documents under Parts 4 and 5 of National Instrument 51-102 and Part 4 of National Instrument 52-109 as a result of complexities caused by the COVID-19 pandemic, which has impacted the ability to raise financing, complete its audit and proceed toward completion of its previously announced proposed Qualifying Transaction ("QT") with IZON Network Inc.
In connection with the Company's inability to file the Annual Filings by October 28, 2020, the Company is making an application for a Management Cease Trade Order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), which application is subject to review and acceptance by regulators. There is no certainty that such order will be granted. The applicable Canadian securities regulatory authorities may issue failure-to-file cease trade orders against Sceptre for failure to file its Annual Filings within the prescribed time period.
Assuming the Company's MCTO application is acceptable to regulators, during the period in which the MCTO is effective, Sceptre will comply with the alternative information guidelines set out in NP 12-203, including issuance of bi-weekly default status reports, in the form of news releases; and the general investing public, who are not insiders of the Company, will continue to be able to trade in the Company's listed common shares. The Company's CEO and CFO will not be able to trade the Company's common shares until such time as the Annual Filings have been filed by the Company and the MCTO has been revoked.
Further to the Company's previously issued press releases dated March 10, 2020 and January 9, 2020, Sceptre announces the termination of its proposed QT with IZON Network Inc. Efforts aimed at securing the minimum financing required under the terms of the proposed transaction and to complete on the QT were unsuccessful, which led to the parties mutually agreeing to terminate the proposed transaction.
The Company's board of directors and its management confirm that they are working expeditiously to raise financing to meet the Company's obligations, including completion of the audit and filing of the Annual Filings, as well as to identifying businesses and/or assets with a view to completing a Qualifying Transaction. At this time, the Company anticipates being in a position to complete and file the Annual Filings within six months and will issue a news release once the Annual Filings have been filed.
Sceptre confirms that there are no insolvency proceedings against it as of the date of this news release and further confirms that there is no other material information concerning the affairs of Sceptre that has not been generally disclosed as of the date of this news release.
About Sceptre Ventures Inc.
Sceptre Ventures Inc. is a Capital Pool Company ("CPC") within the meaning of the policies of the TSX Venture Exchange and has not commenced commercial operations and has no assets other than cash. Sceptre is currently engaged in identifying and evaluating businesses and assets with a view to completing a Qualifying Transaction under the Exchange's CPC policy.
For Further Information:
#1501 - 128 West Pender Street
Vancouver, BC, V6B 1R8, Canada
Tel: 604-688-4219 ext. 236 or 237
Forward Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Sceptre believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Sceptre's management on the date the statements are made. Except as required by law, Sceptre undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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