Toronto, Ontario--(Newsfile Corp. - February 17, 2023) - Essex Oil Ltd. (the "Company" or the "Issuer") is pleased to announce that the Ontario Securities Commission ("OSC"), has issued an order (the "Order") on February 17, 2023, revoking the cease trade order which was in effect since November 3, 2016.
The Company's common shares were cease traded by the OSC for failure to file annual audited financial statements for the year ended June 30, 2016, related management's discussion and analysis (MD&A) and related certificates as required under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109 Certificates).
Since the issuance of the Cease Trade Order, the Issuer has filed the following continuous disclosure documents with the Commission:
(a) audited financial statements, accompanying MD&A and related NI 52-109 Certificates for the years ended June 30, 2021, and June 30, 2022;
(b) unaudited interim financial statements, accompanying MD&A and related NI 52-109 Certificates for the interim periods ended December 31, 2021, March 31, 2022, and September 30, 2022;
(c) disclosure required by Form 51-102F6V Statement of Executive Compensation - Venture Issuers for the years ended June 30, 2020, June 30, 2021 and June 30, 2022;
(d) disclosure required by Form 52-110F2 Disclosure by Venture Issuers, for the year ended June 30, 2022 and 2021; and
(e) disclosure required by Form 58-101F2 Corporate Governance Disclosure (Venture Issuers), for the year ended June 30, 2022 and 2021.
The Company does not have any active business operations. The Company will proceed in a search for a business reverse take-over, merger, amalgamation or other form of combination.
Undertakings
Further to the Orders, the Company has provided an undertaking to the OSC that the Company will not complete:
(a) a restructuring transaction involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada,
(b) a reverse takeover with a reverse takeover acquirer that has a direct or indirect, existing or proposed, material underlying business which is not located in Canada, or
(c) a significant acquisition involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada,
Unless:
(i) the Issuer files a preliminary prospectus and a final prospectus with the OSC and obtains receipts for the preliminary prospectus and the final prospectus from the OSC; and
(ii) the Issuer files or delivers with the preliminary prospectus and the final prospectus the documents required by Part 9 of National Instrument 41-101 General Prospectus Requirements ("NI 41-101") including a completed personal information form and authorization in the form set out in Appendix A of NI 41-101 for each current and incoming director, executive officer and promoter of the Issuer, and
(iii) the preliminary prospectus and final prospectus contain the information required by applicable securities legislation, including the information required for a probable restructuring transaction, reverse takeover or significant acquisition (as applicable).
The Company has also provided an undertaking to the OSC to hold an annual meeting of shareholders within three months after February 17, 2023.
The Company will file a Material Change Report on SEDAR.
For more information, please contact
Essex Oil Ltd.
Dominique Monardo, CEO
sheriquestion@gmail.com
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