CALGARY,
AB, Oct. 10, 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 continued to work with its audit team to answer the necessary
questions for the audit team to complete its review in a timely
manner. The third-party consultants have now completed 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. The completion of the Price Adjustment and
Property FV has allowed the Company to make further progress to
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 or
the default status reports the Company filed on SEDAR+ on
September 11, 2024 and September 26, 2024. The Company has encountered
no failures in fulfilling its stated intention in its Default
Announcement with respect to satisfying the provisions of the
alternative information guidelines under NP 12-203 (the
"Alternative Information
Guidelines").
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 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.
Additional Information
For additional information regarding Vencanna, please
contact:
David McGorman
Chief Executive Officer
Email: info@vencanna.com
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.