Business
ASC Partial Revocation of Cease Trade Order
ASC Partial Revocation of Cease Trade Order.
About this update from Perpetual Industries Inc.
[{"type":"text","content":"ALBERTA SECURITIES COMMISSIONPARTIAL REVOCATION ORDERUnder the securities legislation of Alberta (the Legislation)Citation: Re Perpetual Industries Inc., 2019 ABASC 70 Date: 20190508Perpetual Industries Inc.Background1. Perpetual Industries Inc. (the Filer) has made an application under Section 214 of the Securities Act (Alberta) (the Act) to the Executive Director of the Alberta Securities Commission (ASC) for an order to vary a cease trade order dated 4 December 2015 Re Perpetual Industries Inc., 2015 ABASC 971 (the Alberta CTO).Interpretation2. Terms defined in National Instrument 14-101 Definitions have the same meaning if used in this order, unless otherwise defined.Representations3. This decision is based on the following facts represented by the Filer:(a) The Filer was incorporated under the laws of Nevada, USA on 25 January 2005.(b) The Filer's head office is located in Auburn, Indiana.(c) The Filer is a reporting issuer in the provinces of Alberta and British Columbia, and is not a reporting issuer in any other Canadian jurisdiction.(d) The Filer does not currently have, nor has the Filer ever had, any of its securities listed or posted on a Canadian stock exchange or Canadian stock trading system.(e) The authorized share capital of the Filer is comprised of up to 100,000,000 common shares with a par value of $0.001 United States dollars (USD) (Common Shares) and, as of the date hereof, there was a total of 35,491,400 issued and outstanding common shares in the capital of the Filer.(f) On 4 December 2015, the ASC issued the Alberta CTO in response to the Filer's failure to file its annual audited financial statements, annual management's discussion and analysis, certification of annual filings and annual information form for the year ended 31 July 2015 (the CD Materials).(g) The Filer is also subject to a cease trade order (BC CTO) of the British Columbia Securities Commission issued 8 December 2015 in response to the Filer’s failure to file the CD Materials (together with the Alberta CTO, the CTOs).(h) Other than what is described in this order, the Filer has not been subject to any other cease trade orders.(i) The Filer seeks to vary the CTOs to permit the Filer to complete a private placement (the Private Placement) of an amount of up to a maximum of USD $200,000 by way of the issuance of Common Shares at a price of ...