Latest news with #AlbertaSecuritiesCommission
Calgary Herald
17-07-2025
- Business
- Calgary Herald
Calgary crypto trader's CFO took $14M from clients, alleges Alberta Securities Commission
A Calgary-based cryptocurrency trader is accused of fraud and failing to comply with rules outlined by the Alberta Securities Commission. Article content CatalX CTS Ltd., which operated as Catalyx, was forced to cease operations in late 2023 after the company was hacked, and customer assets were stolen. Article content On Thursday, the Commission outlined allegations of misconduct and fraud surrounding the company's chief financial officer, Jae Ho Lee, and misconduct against CEO Hyuek Jae Park. Article content The Commission said, 'Lee perpetrated a fraud on Catalyx clients, and that Catalyx failed to comply with a written undertaking it had given the ASC to permit it to continue operating in Canada.' Article content Catalyx's application for registration as an authorized crypto asset trading platform was being reviewed, the Commission noted in a notice of hearing. Article content It is alleged that in 2019, Lee 'improperly withdrew' over $14 million worth of clients' crypto assets from the Catalyx platform, then transferred them to other cryptocurrency accounts he controlled elsewhere. Article content Lee then returned some of the assets to the Catalyx platform, leaving a 'substantial' shortfall, according to the Commission. Article content 'Lee also misappropriated clients' fiat currency deposits for unauthorized purposes,' read a release from the Commission. Article content Article content By Nov. 24, 2023, Park was aware that Lee perpetrated a fraud on clients, but the company failed to inform the commission of the breach until nearly a month later, on Dec. 21. Article content 'In further breach of the written undertaking, Catalyx failed to establish, maintain and apply policies and procedures to manage and mitigate the risk of an employee misappropriating clients' fiat currency and crypto assets that were meant to be held in trust for clients,' alleges the Commission. Article content An appearance to set a date for a hearing will be held in Calgary this September. Article content In a sworn affidavit, Park said CatalX determined it was not feasible for it to continue to operate its platform 'without the required technological and liquidity support from Bittrex Global,' one of the company's major shareholders.
Globe and Mail
03-07-2025
- Business
- Globe and Mail
Magnetic North Acquisition Corp. Announces Cease Trade Order
CALGARY, Alberta and TORONTO, July 03, 2025 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; (' Magnetic North ' or the ' Company ') announces that the Alberta Securities Commission (the ' ASC ') has issued a cease trade order against the Company for the Company's failure to file its audited annual financial statements, accompanying management discussion and analysis and certifications for the financial year ended December 31, 2024, and the corresponding condensed interim financial statements, management discussion and analysis and certifications for the three month period ended March 31, 2025. As previously announced, the Company experienced unexpected delays in the preparation of its 2024 annual filings, due April 30, 2025. The cease trade order prohibits the trading or purchase by any person or company of any securities of Magnetic North in each jurisdiction in Canada in which the Company is a reporting issuer for as long as the cease trade order remains in effect; however, the cease trade order provides an exception for beneficial securityholders of the Company who are not currently (and who were not as of July 2, 2024) insiders or control persons of the Company may sell securities of the Company if both of the following criteria are met: (a) the sale is made through a foreign organized regulated market, as defined in Section 1.1 of the universal market integrity rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. The cease trade order revokes the management cease trade order previously issued by the ASC and will remain in place until such time as the required filings have been filed, following which the Company expects that the ASC will revoke the cease trade order. The Company also confirms, as of the date of this news release, that there is no other material information concerning the affairs of the Company that has not been generally disclosed. About Magnetic North Acquisition Corp. Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and respectively. Magnetic North was a '2021 TSX Venture 50' recipient. For more information about Magnetic North, visit its website at Magnetic North's securities filings can also be accessed at 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 news release. CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION Certain statements in this news release are 'forward-looking statements', which reflect current expectations of the management of Magnetic North regarding future events or Magnetic North's future performance. All statements other than statements of historical fact contained in this news release may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. Magnetic North believes that the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Magnetic North assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding risks and uncertainties relating to Magnetic North and its securities can be found in the disclosure documents filed by Magnetic North with the securities regulatory authorities, available at
Yahoo
03-07-2025
- Business
- Yahoo
Magnetic North Acquisition Corp. Announces Cease Trade Order
CALGARY, Alberta and TORONTO, July 03, 2025 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; ('Magnetic North' or the 'Company') announces that the Alberta Securities Commission (the 'ASC') has issued a cease trade order against the Company for the Company's failure to file its audited annual financial statements, accompanying management discussion and analysis and certifications for the financial year ended December 31, 2024, and the corresponding condensed interim financial statements, management discussion and analysis and certifications for the three month period ended March 31, 2025. As previously announced, the Company experienced unexpected delays in the preparation of its 2024 annual filings, due April 30, 2025. The cease trade order prohibits the trading or purchase by any person or company of any securities of Magnetic North in each jurisdiction in Canada in which the Company is a reporting issuer for as long as the cease trade order remains in effect; however, the cease trade order provides an exception for beneficial securityholders of the Company who are not currently (and who were not as of July 2, 2024) insiders or control persons of the Company may sell securities of the Company if both of the following criteria are met: (a) the sale is made through a foreign organized regulated market, as defined in Section 1.1 of the universal market integrity rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. The cease trade order revokes the management cease trade order previously issued by the ASC and will remain in place until such time as the required filings have been filed, following which the Company expects that the ASC will revoke the cease trade order. The Company also confirms, as of the date of this news release, that there is no other material information concerning the affairs of the Company that has not been generally disclosed. About Magnetic North Acquisition Corp. Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and respectively. Magnetic North was a '2021 TSX Venture 50' recipient. For more information about Magnetic North, visit its website at Magnetic North's securities filings can also be accessed at For further information, please contact: Graeme Dick Stephen McCormick Investor Relations VP, Capital Markets 403-451-0939 403-451-0939 graeme@ stephen@ 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 news release. CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION Certain statements in this news release are 'forward-looking statements', which reflect current expectations of the management of Magnetic North regarding future events or Magnetic North's future performance. All statements other than statements of historical fact contained in this news release may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. Magnetic North believes that the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Magnetic North assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding risks and uncertainties relating to Magnetic North and its securities can be found in the disclosure documents filed by Magnetic North with the securities regulatory authorities, available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-06-2025
- Business
- Yahoo
Eguana Provides Bi-Weekly Update on Filing of Annual Financial Statements
Calgary, Alberta--(Newsfile Corp. - June 19, 2025) - Eguana Technologies Inc. (TSXV: EGT) (OTC Pink: EGTYF) ("Eguana" or the "Company"), a leading developer and manufacturer of high-performance energy storage systems, provides an update with respect to the management cease trade order ("MCTO") in connection with the Company's filing of its audited annual financial statements and management discussion and analysis for the financial year ended December 31, 2024, and the applicable CEO and CFO certifications (collectively the "Annual Filings"). The Company also announces that the Alberta Securities Commission (the "Commission") has granted an extension to the existing MCTO from June 20, 2025 to June 30, 2025. Further to the Company's news release dated April 23, 2025 (the "Announcement"), the Company's principal regulator, the Commission granted the MCTO on May 6, 2025, under National Policy 12-203 - Management Cease Trader Orders ("NP 12-203"). Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer of the Company may not trade in securities of the Company until such time as the Company files the Annual Filings and the Commission revokes the MCTO. During this period, the Company will not execute any share buy-back activities under a normal course issuer bid, and has undertaken not to, directly or indirectly, issue or acquire securities from an insider or employee of the Company. The MCTO does not affect the ability of shareholders to trade their securities. On May 29, 2025, the Commission granted the Company an extension to the existing MCTO until June 20, 2025 and on June 12, 2025 the Commission granted a further extension until June 30, 2025 (the "Extensions"). The Company requested the Extensions due delays experienced by the Company and its auditors, which have taken longer to resolve than originally anticipated, including resource constraints of the parties, and auditing complexities of the Company's liquidation of its German subsidiary and inventory discrepancies by a third-party vendor. The Company and its auditors continue to make progress in preparing the Annual Filings. The Company also anticipates filing its first quarter unaudited consolidated financial statements and management discussion and analysis, for the three months ended March 31, 2025, soon after the Annual Filings. The Company has also been working towards the hiring of an interim chief financial officer and this is expected to be completed, and announced shortly. The Company will issue a news release announcing completion of filing of the Annual Filings when completed and filed and until then the Company will comply with the alternative information guidelines set out under NP 12-203, including issuing bi-weekly default status reports by way of news releases, which will be filed on SEDAR+. In addition, the Company confirms that since the date of the Announcement: (i) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (ii) there has not been any other specified default by the Company under NP 12-203; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed. About Eguana Technologies Inc. Eguana's vision is to build the grid of the future by delivering flexible, modular, and cost-effective alternatives to traditional grid upgrades. Our technology provides value to all key stakeholders - from the consumer, to the electricity retailer, the distribution utility, and the system operator. Since 1998, Eguana Technologies has connected utilities with consumers through its high-performance commercial and residential energy storage solutions. The Eguana product suite has been designed from the ground up with both the end user and the utility in mind to transition the power grid seamlessly. Manufactured in local facilities across the globe to ensure compliance and quality, Eguana's standardized platform allows the flexibility to ensure each product solution is optimized for use in major grid modernization markets. To learn more, visit or follow us on LinkedIn and @EguanaTech on X. Company Inquiries Justin Holland, CEO Eguana Technologies Inc. +1.416.728.7635 Forward-Looking Statements The reader is advised that all information herein, other than statements of historical fact, may constitute forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning assigned by National Instrument 51-102 - Continuous Disclosure Obligations and other relevant securities legislation. In particular, forward-looking statements include, among other things, that the Annual Filings will be finalized by June 30, 2025, the Company's compliance with the MCTO and NP 12-203. Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by forward-looking statements. Such factors include, but are not limited to, the factors set out in the "Risk Factors" section of the Company's management's discussion and analysis for the three and nine months ended September 30, 2024 and Company's management's discussion and analysis for the year ended December 31, 2023, which may be found on its website or at Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-06-2025
- Business
- Yahoo
Marksmen Energy Inc. Provides Update on the Filing of its 2024 Annual Financial Statements and Q1 Interim Financial Statements
CALGARY, ALBERTA, June 16, 2025 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. ("Marksmen" or the "Company") is providing this update further to its news releases dated May 15, 2025, May 29, 2025, and June 12, 2025, with respect to the Alberta Securities Commission ("ASC"), having issued a management cease trade order ("MCTO") to Marksmen pursuant to its application under National Policy 12-203 Management Cease Trade Orders ("NP 12-203") in respect of the default regarding the delay of the filing of its annual financial statements, accompanying management's discussion and analysis and related chief executive officer ("CEO") and chief financial officer ("CFO") certifications for the financial year ended December 31, 2024 (collectively, the "Annual Filings"). Marksmen has now filed the Annual Filings. As a result of the delay in filing the Annual Filings, the Company's interim financial statements for the three months ended March 31, 2025, the accompanying management discussion and analysis and related CEO and CFO certifications ("Q1 Filings") were not filed by the prescribed deadline of May 30, 2025. The Company currently anticipates that it will be in a position to file the Q1 Filings by June 30, 2025. The ASC has confirmed that the MCTO will remain in effect until June 30, 2025. The Company confirms that, other than as disclosed in its news release dated May 15, 2025, May 29, 2025, and June 12, 2025, or as set out herein, there is no other material information concerning the affairs of the Company that has not been generally disclosed. The MCTO prohibits the CEO and the CFO from trading in securities of Marksmen for two full business days after the Q1 Filings have been filed. The issuance of the MCTO does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company's securities. Until the Q1 Filings have been filed, the Company confirms that it intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 for so long as it remains in default as a result of the late filing of the Q1 Filings by issuing biweekly default status reports in the form of further news releases. For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company at (403) 265-7270 or e-mail ajnesbitt@ Forward Looking Information and Risk Factors This news release contains statements and information that may constitute "forward-looking information" within the meaning of applicable securities legislation, including statements identified by the use of words such as "will", "expects", "positions", "believe", "potential" and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Such forward-looking information is not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, information concerning the estimated filing date of the Q1 Filings. By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. Some of these risks include, but are not limited to, the risk that the Q1 Filings are filed later than anticipated, the risk that the Company's MCTO is revoked for any reason, in which case there is a risk that trading in the Company's securities may halted by the TSX Venture Exchange and/or cease traded temporarily by the Canadian securities commissions until such time as the Q1 Filings are filed on SEDAR+. Additional information regarding risks and uncertainties of the Company's business are contained under the heading "Going Concern" in the Company's Management's Discussion & Analysis for the year ended December 31, 2024 and the Company's other public filings which are available under the Company's profile on SEDAR+ at Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. In connection with the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information contained in this news release are made as of the date of this news release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
