(via Thenewswire.ca)
Vancouver, BC / TheNewswire / November 2nd, 2015: Sceptre Ventures Inc. (the "Company") (SVP.H-TSXV) announced today that it has been granted a management cease trade order (the "MCTO") by its principal regulator, the British Columbia Securities Commission (the "BCSC"). The Company made an application for the MCTO as a result of the Company's inability to file annual financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the financial year ended June 30, 2014 (collectively, the "2014 Annual Financial Statements") by October 29, 2015.
The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the CEO, CFO and COO of the Company, until such time as the 2014 Annual Financial Statements have been filed by the Company. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities or the Company's ability to issue shares.
The Company's inability to timely file the 2014 Annual Financial Statements, resulted from (i)) the need for additional time for Davidson & Company to enable them to complete their procedures and render an audit opinion.
The Company, together with its advisors, has developed a timeline setting forth the steps necessary to allow the 2014 Annual Financial Statements to be filed. The Company expects to complete and file its financial statements well before the end of November 2015.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under National Policy 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default as a result of the late filing of the 2014 Annual Financial Statements. During this period, Sceptre will issue bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
About Sceptre Ventures Inc.
Sceptre Ventures Inc. is a Capital Pool Company ("CPC") within the meaning of the policies of the TSXV and has not commenced commercial operations and has no assets other than cash. The Company is currently engaged in identifying and evaluating businesses and assets with a view to completing a Qualifying Transaction under the TSXV CPC policies.
For Further Information:
Ms. Erin Chutter
Tel: 604-688-4219
Email: info@sceptreventures.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement On Forwarding- Looking Information: The statements made in this news release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. INVESTORS ARE CAUTIONED THAT TRADING IN THE SECURITIES OF A CAPITAL POOL COMPANY SHOULD BE CONSIDERED HIGHLY SPECULATIVE.
Copyright (c) 2015 TheNewswire - All rights reserved.