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Hemostemix Announces Delay in Filing of Annual Financial Statements and Application for Management Cease Trade Order
Calgary, Alberta--(Newsfile Corp. - June 16, 2020) - Hemostemix Inc. (" Hemostemix " or the " ...
About this update from Hemostemix Inc
[{"type":"text","content":"Hemostemix Announces Delay in Filing of Annual Financial Statements and Application for Management Cease Trade OrderCalgary, Alberta--(Newsfile Corp. - June 16, 2020) - Hemostemix Inc. (\"Hemostemix\" or the \"Company\") (TSXV: HEM) (OTC: HMTXF) announces, that it has not met the revised filing date, as ‎provided in Alberta Blanket Order 51-517 Temporary Exemption from Certain ‎Corporate Finance Requirements (the \"Alberta Order\") of the Alberta Securities ‎Commission (and similar exemptions ‎provided by the securities commission in British ‎Columbia)‎ of June 15, 2020, for filing of the following continuous disclosure documents (collectively, the \"Documents\"):the Company's Annual Audited Financial Statements for the year ended December ‎‎31, 2019, ‎as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure ‎‎Obligations (\"NI 51-102\");‎ andthe Company's Management Discussion & Analysis for the year ended December ‎‎31, 2019, ‎as required by section 5.1(2) of NI 51-102. The default is due, in part, to business and administrative disruption experienced by the Company in respect of both its own personnel and the Company's auditors inability to complete the work required to issue the Documents due to the restrictions on business activities as a result of COVID-19 in Canada. The default is also due to the additional amount of work required by the Company and its auditors in connection with the Documents in connection with the necessary review of actions and the accounting records maintained by previous management of the Company. Accordingly, the Company has applied to the Alberta Securities Commission for a Management Cease Trade Order that will prohibit the management of the Company from trading in the securities of the Company until such time as the Documents are filed. No decision has yet been made by the Alberta Securities Commission on this application. The Alberta Securities Commission may grant the application and issue the Management Cease Trade Order or it may impose an issuer cease trade order if the Documents are not filed in a timely fashion. The Company is undertaking additional work in conjunction with their auditor to confirm amounts related to clinical trial costs due to incomplete in...