Latest news with #ceaseTradeOrder
Globe and Mail
12 hours ago
- Business
- Globe and Mail
New Zealand Energy Corp. Announces Revocation of CTO, Resumption of Trading and Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2025) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") announces that it has received an order from the British Columbia Securities Commission dated effective June 4, 2025, granting the full revocation of the cease trade order previously issued on May 6, 2025. Upon the issuance of the cease trade order, the common shares of NZEC were suspended from trading on the TSX Venture Exchange ("TSXV"). The common shares will be reinstated for trading on the TSXV at the opening of trading on or about Friday, June 27, 2025. The Company also announces that it has received short term loans in the amount of C$300,000 from Charlestown Energy Partners, LLC ("Charlestown") and in the amount of C$182,000 from Vliet Financing BV ("Vliet") on May 27, 2025, subject to TSXV approval. The loans are unsecured and non-convertible, with interest payable at 15% per annum, due on August 27, 2025, were issued with an original issuance discount of 10% and for greater certainty, no securities were issued as part of the loan agreements. Mr. Robert Bose, a director of NZEC, is a principal of Charlestown and Vliet is a company controlled by Mr. Frank Jacobs, Chairman and a director of NZEC, and therefore the loans are related party transactions for the purposes of TSXV Policy 5.9 and Multilateral Instrument 61-101 (the "Related Party Policies"). NZEC has determined that exemptions from the various requirements of the Related Party Policies are available in connection with the loans (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000). The Company also noted that, in connection with the working capital deficiency of C$4,013,465 as disclosed in the interim financial statements for the three months ended March 31, 2025, a total of $2.7 million related to an outstanding loan, which, as disclosed in its news release dated May 12, 2025, has been amended, subject to TSXV approval, to allow the Company to terminate the loan in exchange for the payment by the Company to Vliet of C$500,000 and the issuance of 1,000,000 common shares of NZEC. In the event that the Company has been unable to make the payments to Vliet on or before July 31, 2025, Vliet has agreed to extend the maturity date of the loan to September 20, 2026, subject to TSXV approval. With respect to the remainder of the working capital deficiency in the amount of C$1.3 million, the Company intends to complete a private placement in the near future, the terms of which (including structure, size and pricing) will be announced in due course. In addition, as per the news release dated June 3, 2025, the Company is aimed at restoring positive cash flow based on the Q1 and Q2 2025 production activities. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the business of the Company, including future plans and objectives, the outstanding loans of the Company, the proposed private placement and production activities. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects NZEC's current beliefs and is based on information currently available to NZEC and on assumptions NZEC believes are reasonable. These assumptions include, but are not limited to: the underlying value of NZEC and its common shares, TSX Venture Exchange approval of the amendment to the loan and TSX Venture Exchange approval of a private placement; NZEC's current and initial understanding and analysis of its projects and the development required for such projects; the costs of NZEC's projects; NZEC's general and administrative costs remaining constant; and the market acceptance of NZEC's business strategy. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NZEC to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; industry condition; volatility of commodity prices; imprecision of reserve estimates; environmental risks; operational risks in exploration and development; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting NZEC; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in NZEC's disclosure documents on the SEDAR+ website at Although NZEC has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of NZEC as of the date of this news release and, accordingly, is subject to change after such date. However, NZEC expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
National Post
06-06-2025
- Business
- National Post
Li-Cycle Receives Cease Trade Order from Ontario Securities Commission
Article content TORONTO — Li-Cycle Holdings Corp. (OTC Pink Markets: LICYQ) ('Li-Cycle' or the 'Company'), a leading global lithium-ion battery resource recovery company, announced that, after close of markets on June 5, 2025, the Company received a cease trade order ('CTO') issued by the Ontario Securities Commission ('OSC') as a result of the Company's failure to file periodic disclosures required by Ontario securities legislation. Article content These disclosures include the interim financial statements, and management's discussion and analysis relating to such interim financial statements, for the period ended March 31, 2025, and certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. Article content Article content The CTO prohibits any person or company from trading, directly or indirectly, in any security of the Company in Ontario and each other jurisdiction of Canada that has a statutory reciprocal order provision, except in accordance with the conditions that are contained in the CTO, for as long as the CTO remains in effect. Article content A beneficial security holder of Li-Cycle who is not, and was not an insider or control person of the Company at the date of the CTO may sell securities of Li-Cycle acquired before the date of the CTO, if both of the following apply: Article content the sale is made through a 'foreign organized regulated market' (or 'FORM'), as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Article content Li-Cycle's common shares are currently quoted on the OTC Pink Markets, which generally does not meet the FORM criteria. Article content As previously disclosed, on May 14, 2025, Li-Cycle and its subsidiaries in North America sought and obtained from the Ontario Superior Court of Justice (the 'Court') an order (the 'Initial Order') providing them with creditor protection pursuant to Canada's Companies' Creditors Arrangement Act (the 'CCAA'). On May 15, 2025, the CCAA proceedings were recognized, and immediate stays of proceedings entered, by the United States Bankruptcy Court for the Southern District of New York pursuant to Chapter 15 of the United States Bankruptcy Code. Article content Given the ongoing CCAA proceedings and the Initial Order, as amended and restated on May 22, 2025, Li-Cycle has determined that it does not currently intend to devote additional time or financial resources towards its public disclosure obligations in Canada and the United States. Article content The Company's common shares are expected to remain qualified to trade on the OTC Pink Markets for 180 days from the period end date of its most recently filed Annual Report on Form 10-K, which was for the period ended December 31, 2024. As Li-Cycle does not currently intend to file disclosures required by the U.S. Securities and Exchange Commission ('SEC'), the Company expects it will be moved from the OTC Pink Markets to the OTC Expert Markets on or around June 30, 2025, pursuant to SEC Rule 15c2-11. Article content Holders of Li-Cycle securities are urged to consult with their own investment advisors or legal counsel regarding the implications of the CTO. Article content A copy of the CTO can be found on SEDAR+ at Additional information regarding the CCAA proceedings is available on the website of Alvarez & Marsal Canada Inc., the Court-appointed monitor of the Company during the CCAA proceedings, at About Li-Cycle Holdings Corp. Article content Li-Cycle (OTC Pink Markets: LICYQ) is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle's mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. For more information, visit Article content Forward-Looking Statements Article content Certain statements contained in this press release may be considered 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as 'believe', 'may', 'will', 'continue', 'anticipate', 'intend', 'expect', 'should', 'would', 'could', 'plan', 'potential', 'future', 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about: the Company's expectation that its common shares will remain qualified to trade on the OTC Pink Markets for 180 days following December 31, 2024, and that its common shares will be moved from the OTC Pink Markets to the OTC Expert Markets on or around June 30, 2025 pursuant to SEC Rule 15c2-11. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the Company's current and future liquidity and financial resources and the Company's CCAA process. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements. Article content These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle's current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Article content Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the risks and uncertainties related to Li-Cycle's business are described in greater detail in the section titled 'Part I – Item 1A. Risk Factors' and 'Part II – Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation' in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement. Article content Article content Article content Article content Article content Contacts Article content Investors & Media Article content Article content Investors: Article content Article content Article content
