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Criterium Energy Provides Update to Voluntary Application for Management Cease Trade Order
Calgary, Alberta--(Newsfile Corp. - May 2, 2025) - Criterium Energy Ltd. (TSXV: CEQ) (" Criteri...
About this update from Criterium Energy Ltd
[{"type":"text","content":"Criterium Energy Provides Update to Voluntary Application for Management Cease Trade OrderCalgary, Alberta--(Newsfile Corp. - May 2, 2025) - Criterium Energy Ltd. (TSXV: CEQ) (\"Criterium\" or the \"Company\"), confirms that, further to its press release dated April 30, 2025 the Company has experienced a delay in filing its audited consolidated annual financial statements for the year ended December 31, 2024 (the \"Financial Statements\"), the related management's discussion and analysis, and its Form 52-109FV1 CEO and CFO certifications of annual filings (collectively the \"Required Filings\"). Under National Instrument 51-102 - Continuous Disclosure Obligations, the Required Filings were required to be made not later than April 30, 2025 (the \"Filing Deadline\").Despite the Company's best efforts to prepare the necessary accounting records supporting its financial statements, its auditor was unable to complete its audit procedures in respect of the Financial Statements ahead of the Filing Deadline. The auditor has faced challenges in connection with deferred income taxes and consolidation as a result of the Company's acquisition of all the issued and outstanding shares of Mont D'Or Petroleum Ltd. In addition, and in order to complete the audit of the Financial Statements, the Company must obtain confirmations from foreign financial institutions where the Company has bank accounts. As of the date hereof, certain of the requested confirmations remain outstanding. The Company is continuing to actively request such confirmations from the applicable financial institutions by utilizing in region personnel to physically meet with the aforementioned financial institutions The Company expects to complete those meetings by Monday May 5, 2025. As the Company has not filed the Required Filings by the Filing Deadline, the Company has applied to the Alberta Securities Commission (the \"ASC\") pursuant to Part 3 of National Policy 12-203 - Management Cease Trade Orders (\"NP 12-203\") for a management cease trade order (\"MCTO\"). If granted, the MCTO will prohibit trading in securities of the Company by the President and Chief Executive Officer and Chief Financial Officer until the MCTO has been revoked or varied, or until the date that is two full business days after all the Required Filings have been filed on SEDAR+. During the period in ...