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(Globe Newswire) Toronto — Red White & Bloom Brands Inc. has been issued a Cease Trade Order (CTO) by the British Columbia Securities Commission by virtue of having not filed the following periodic disclosure documents by the applicable filing deadlines:
Annual audited financial statements for the year ended December 31, 2022;
Management’s Discussion and Analysis for the period ended December 31, 2022; and
Certification of annual filings for the period ended December 31, 2022.
The delay is due to the complexity of acquisition and disposition transactions resulting in the company and its auditors not having adequate time and resources available to complete the audit in the allotted time. The company is collaborating with its auditor, Macias Gini & O’Connell LLP, to complete the audit and issue the disclosures by end of day on May 9, 2023.
The company will issue advice by news release should any further delays be foreseen.
The company continues to operate normally and reports that the cause of the delay is not material to the company’s operations.
RWB will issue a news release announcing completion of the requisite filings once posted on SEDAR.
Despite the CTO, a beneficial security holder of the company who is not, and was not at the date of the CTO, an insider or control person of the company, may sell securities of the company acquired before the date of the CTO if: (a) the sale is made through a “foreign organized regulated market”, as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Holders of the company’s securities are urged to consult with their own investment advisors or legal counsel about the implications of the CTO.
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