Read me16 Apr 2020 14:43
TORONTO, April 16, 2020 /CNW/ - Portage Biotech Inc. (CSE:PBT.U, OTC Markets: PTGEF) ("Portage" or the "Company") wishes to announce that effective April 15, 2020 (the "Effective Date"), the Ontario Securities Commission (the "Commission") revoked its Failure-to-File Cease Trade Order issued against the Company on August 2, 2019 (the "FFCTO") and that trading of the Company's common shares on CSE is expected to resume shortly.
The FFCTO was issued as a result of the Company's failure to file its audited annual financial statements for the year ended March 31, 2019, accompanying management discussion and analysis together with the related certifications on or before the prescribed filing deadline of July 29, 2019 as required by National Instrument 51-102, Continuous Disclosure Obligations, and NI 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings, respectively.
Since the issuance of the FFCTO, the Company has filed financial statements, accompanying MD&As and related certifications for each of the following financial periods (collectively, the "Financial Disclosure Documents"):
(i) the annual financial statements for the year ending March 31, 2019;
(ii) interim financial statements for the three month period ending June 30, 2019;
(iii) interim financial statements for the six months ended September 30, 2019; and
(iv) interim financial statements for the nine months ended December 31, 2019.
As a result of the review of the Company's continuous disclosure record by the staff of the Commission, the Company filed a Business Acquisition Report ("BAR") on April 6, 2020 in relation to its acquisition of SalvaRx Limited completed in January, 2019.
The Financial Disclosure Documents and the BAR are available on www.sedar.com. The Company is now up-to-date with its continuous disclosure obligations.
Also in connection with its application for revocation of the FFCTO, the Company has provided an undertaking to the Commission that it would hold an annual meeting of shareholders of the Company within three months of the Effective Date (the "Meeting"). Portage has met all other conditions required by the Commission for revocation of the FFCTO.
To proactively deal with the unprecedented public health impact of coronavirus disease 2019, also known as COVID-19, and to mitigate risks to the health and safety of our shareholders, employees and other stakeholders, Portage will hold the Meeting in a virtual only format, which will be conducted via live audio webcast. This format is permitted under the Articles of the Company. Shareholders will have an equal opportunity to participate at the Meeting online regardless of their geographic location. Details on how to participate will be contained in the Meeting materials when issued.
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