CALGARY,
AB, Sept. 11, 2024 /CNW/ - Vencanna Ventures
Inc. (CSE: VENI) ("Vencanna" or the "Company"), an
Alberta-based go-to capital
provider for early-stage cannabis initiatives, was issued a
management cease trade order (the "Order") on August 29, 2024, by its principal regulator, the
Alberta Securities Commission, pursuant to National Policy 12-203 –
Management Cease Trade Orders ("NP 12-203"). The
Company sought the Order because it needed to delay filing its
audited annual financial statements for the year ended April 30, 2024, the related management's
discussion and analysis and related CEO and CFO certificates
(collective, the "Required Documents"), all of which had a
required deadline of August 28, 2024.
The delay is attributable to the reasons outlined in the default
announcement which was filed by the Company on SEDAR+ on
August 27, 2024 (the "Default
Announcement"). The Company expects to file the Required
Documents on or before October 25,
2024 (the "Extension Period").
Since the filing of the Default Announcement, the Company has
worked with its audit team to answer the necessary questions for
the audit team to complete its review in a timely manner. The
Company has also engaged with third-party consultants preparing the
purchase price adjustment (the "Price Adjustment") and fair
value of the personal property assets (the "Property FV")
related to the Company's acquisition of The Cannavative Group, LLC,
which closed earlier this year, to ensure that necessary progress
has been made in such preparation of the Price Adjustment and
Property FV so that the Company may file the Required Documents
within the Extension Period.
Except as described herein, there have been no material changes
to the information contained in the Default Announcement. The
Company has encountered no failures in fulfilling its stated
intention in its Default Announcement.
The Company does not anticipate any specified default subsequent
to the default which is the subject of the Default Announcement,
except for the need to additionally delay the filing of its interim
financial report for the period ended July
31, 2024, the related management's discussion and analysis
and related CEO and CFO certificates, all of which have a filing
deadline of September 30, 2024. The
Company anticipates that such filings will be made on or before
October 25, 2024. Subject to section
11 of NP 12-203, there is no other material information concerning
the affairs of the Company that has not been generally
disclosed.
The Company confirms that it will satisfy the provisions of the
alternative information guidelines under NP 12-203 by continuing to
issue biweekly default status reports in the form of news releases
for so long as it remains in default of the above-noted filing
requirements.
About Vencanna
Vencanna is dedicated to offering investors a
diversified and high-growth cannabis investment strategy. It
proposes to achieve this through strategic investments and
acquisitions spanning the entire cannabis value chain, encompassing
cultivation, processing, distribution, retail, and ancillary
businesses, with a particular focus in the Unities States of
America.
Reader Advisory
Neither Canadian Securities Exchange nor its
Market Regulator (as that term is defined in policies of the
Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly, and without
limitation, this news release contains forward-looking statements
and information concerning the anticipated filing of the financial
statements.
Vencanna believes that the expectations and
assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
Vencanna can give no assurance that they will prove to be correct.
By its nature, such forward-looking information is subject to
inherent risks and uncertainties, which could cause the actual
results and expectations to differ materially from the anticipated
results or expectations expressed.
SOURCE Vencanna Ventures Inc.