(via TheNewswire)
Convertible Loan Financing
The Company has determined to end the distribution, and will not complete any further closings, under its previously announced non-brokered private placement of unsecured, convertible loans of up to
Bi-weekly MCTO Status Update
The Company is also providing a bi-weekly default status update in accordance with National Policy 12-203 –Management Cease
After the initial default announcement on
Subsequently, in the press release dated
The Company had previously disclosed that it expects to file the Annual Required Filings by the end of
As a result of the delay in completing the Annual Required Filings, the Company also announces that the filings of its unaudited interim financial statements, management’s discussion and analysis and related CEO and CFO certificates for the three-months ended
The MCTO will remain in effect until two full business days following the receipt by the BCSC of all filings that the Company is required to make under British Columbia securities law (including the Required Filings).
Other than as set out herein, the Company reports that since the Default Announcement: (i) there is no material change to the information set out in the Default Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other materialinformation concerning the affairs of the Company that has not been generally disclosed.
The Company will continue to 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 so long as it remains in default of the filing requirements set out above.
Proposed Rescheduling of Annual General Meeting of Shareholders
In light of the further delay in the filing of the Annual Required Filings, the Company has consequently determined that it must further reschedule its previously called Annual General Meeting of Shareholders (the “Meeting”) scheduled for
For further information, please contact:
Noah Hershcoviz, Interim CEO and Director of the Company
Email:noah@alabs.co
Telephone: (604) 283-6110
NEITHER THE
Caution Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, expectations regarding Exchange’s final approval of the Offering, plans and expectations regarding other strategic business combinations, transactions, or equity or debt financings, or other operational activities, the expected completion of the audit and the filing of Required Filings and the expected remediation of the continuous disclosure default, including expected revocation of the MCTO at a future date, and the anticipated rescheduling of the Meeting and proposed date for such Meeting, as rescheduled. There are a number of risks and uncertainties related to these forward-looking statements, which include, but are not limited to: further delays related to the completion of the audit, lack of availability of key persons, auditors or staff required to complete the Required Filings by the anticipated date, and other unexpected items arising relating to the audit, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance, or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, conditions, results, performance, or achievements to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating tothe future, as at the date they are provided. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. Accordingly, investors should not place undue reliance on forward-looking statements. All the forward-looking statements are expressly qualified by the foregoing cautionary statements.
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Copyright (c) 2023 TheNewswire - All rights reserved., source