Business
Minnova Provides Notice of Default
Toronto, Ontario--(Newsfile Corp. - July 20, 2023) -  Minnova Corp. (TSXV: MCI) (OTC Pink: A...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Provides Notice of DefaultToronto, Ontario--(Newsfile Corp. - July 20, 2023) -  Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) \"Minnova\" or the \"Company\"), announces that it anticipates being late in filing its annual financial statements (the \"Financial Statements\") and management discussion and analysis (\"MD&A\") for the year ended March 31, 2023, by the prescribed deadline of July 31, 2023.The anticipated delay is due, in part, to the complexity of the audit, the additional and high costs required for the Company's auditors to complete their work and the Company's current financial position. The Company has made an application with the applicable securities regulators under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults (\"NP 12-203\") requesting that a management cease trade order be imposed in respect of the anticipated late filing rather than an issuer cease trade order. The issuance of a management cease trade order does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.The Company anticipates that it will in a position to prepare and file the Financial Statements and MD&A on or prior to September 30, 2023.The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements to file the Financial Statements and MD&A within the prescribed period of time. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed and the Company is not subject to any insolvency proceedings.In addition, the Company announces it has entered into an unsecured promissory note (the \"Promissory Note\"), dated July 20, 2023, with a non-arm's length creditor to the Company (the \"Creditor\"), in the principal amount of $33,000 (the \"Principal Amount\"). The Promissory Note will mature twelve (12) months from the date of issuance (the \"Maturity Date\") and will be used by the Company for general working capital purposes. In connection with the Promissory Note, the Company will issue an aggregate of 132,000 common shares (the \"Common Shares\") of the Company, repre...