(via TheNewswire)
Background
This decision has been based on the following facts represented by Preferred:
a) Preferred was incorporated under the Business Corporations Act (
b) Preferred’s head office is in
c) Preferred is currently a reporting issuer in
d) Preferred’s authorized share capital consists of an unlimited number of common shares without par value. Preferred currently has 74,126,668 common shares issued and outstanding (Common Shares). Preferred also has 5,900,000 stock options outstanding exercisable at a price of
e) The FFCTO was issued due to failure of Preferred to file its audited annual financial statements, annual management’s discussion and analysis (MD&A) and certification of annual filings for the year ended
f) Subsequent to the failure to file the Unfiled Documents, Preferred did not file any further financial statements or any continuous disclosure documents required by applicable securities legislation (together with the Unfiled Documents, the Unfiled Continuous Disclosure).
g) Other than the failure to file the Unfiled Continuous Disclosure, Preferred is not in default of the securities legislation in any jurisdiction and Preferred’s SEDAR and SEDI filings are up to date.
h) Preferred sought a partial revocation of the FFCTO in order to complete a private placement of Common Shares in the aggregate amount of
i) The Equity Offering will be made to investors in all jurisdictions of
j) The Private Placement will be conducted in reliance on the accredited investor exemption contained in section 2.3 of National Instrument 45-106 Prospectus Exemptions.
k) Preferred will on the basis of the Revocation conduct the Private Placement in order to allow it to have sufficient funds to prepare and file the Unfiled Continuous Disclosure and to apply for and receive a full revocation of the FFCTO.
l) Preferred intends to raise a total of
n) Preferred reasonably expects that the proceeds raised from the Private Placement will be sufficient to bring its continuous disclosure up to date and pay all outstanding fees. Preferred intends to apply for a full revocation of the FFCTO.
o) The Private Placement will be completed in accordance with all applicable laws.
p) Preferred is issuing this press release as a condition of the Revocation and will continue to issue press releases as appropriate relating to any material changes in its affairs.
Summary of the Order
Each of the Decision Makers were satisfied that a partial revocation order of the FFCTO meets the test set out in the Legislation for the Decision Maker to make the decision and accordingly the decision of the Decision Makers under the Legislation is that the FFCTO, has effective
a) a copy of the FFCTO;
b) a copy of this Partial Revocation Order; and
c) Written notice from Preferred, to be acknowledged by each Investor in writing, that all of Preferred’s securities, including the securities issued in connection with the Private Placement, will remain subject to the FFCTO until such orders are revoked and that the issuance of the partial revocation order does not guarantee the issuance of a full revocation in the future.
The Company looks forward to advancing its goal to obtain a full revocation of the cease trade order and to apply to relist its shares on the Canadian Securities Exchange.
On Behalf of the Board
President
About PDTI
MISSION – INNOVATIVE & PRACTICAL SOLUTIONS FOR THE DENTAL INDUSTRY
Visit:www.preferreddentalimplant.com
www.prefdent.com
On behalf of
Chief Executive Officer
Email: info@prefdent.com
Tel: 204.691.3722
www.prefdent.com
All product names referenced herein are trademarks of their respective companies.
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither The Canadian Securities Exchange nor its Regulations Services Provider (as that term is defined in the policies of The Canadian Securities Exchange accepts any responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2021 TheNewswire - All rights reserved., source