Britannia Life Sciences Inc. Provides Update on Cease Trade Order
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Toronto, Ontario and London, United Kingdom--(Newsfile Corp. - August 26, 2024) - Britannia Life Sciences Inc. (CSE: BLAB) (FSE: L020) ("Britannia" or the "Company") is providing an update on the status of the cease trade order (the "CTO") imposed on August 2, 2024, by the Ontario Securities Commission (the "OSC"), under National Policy 11-207 ("NP 11-207"), following the Company's failure to file its audited annual financial statements and related annual management's discussion and analysis ("MD&A") for the financial year ended March 31, 2024, as required under Part 4 and Part 5, respectively, of National Instrument 51-102 - Continuous Disclosure Obligations, and related certifications of such filings by the Company's chief executive officer and chief financial officer as required under Part 4 of National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Annual Filings"). Under National Instrument 51-102, the Annual Filings were required to be made by July 29, 2024.
Management of the Company continues to work diligently with its auditors to complete the necessary audit procedures and to file the Annual Filings as soon as practicable, and currently anticipates that it will be able to remedy any filing default by completing and filing the Annual Filings on or before August 29, 2024, and expects the CTO to be lifted within two days following such filing. The Company will issue a news release announcing the completion of such Annual Filings at such time.
As previously disclosed on July 29, 2024, the principal reason for the delay relates to certain complexities arising from the Company's transactions and investments during the year. In particular, incremental work on the Company's partially owned subsidiary, Britannia Mining Solutions Inc. ("BMS"), a key investment for the Company. Over the past year, BMS has grown substantially in both materiality and significance, necessitating more comprehensive audit procedures. This additional audit work on BMS is crucial for the preparation for a potential go public event. By completing this work now, the Company aims to ensure that BMS is prepared for the requirements of its standalone audit, facilitating a smoother transition should it decide to pursue public listing in the future.
Until the Annual Filings are completed, the Company will comply with the alternative information guidelines set out in NP 11-207, including by issuing bi-weekly default status reports in the form of further news releases.
