SURREY, BC / ACCESSWIRE / November 29, 2022 / P2 Solar, Inc. (the "Company" or "P2") (OTC PINK:PTOS) is pleased to announce that on November 24, 2022, British Columbia Securities Commission (BCSC) issued a "Partial Revocation Order" of the "Cease Trade Order" (CTO) that was issued on March 6, 2015, on all securities trading of P2 Solar, Inc.
Highlights of the Partial revocation Order:
- P2 is allowed to complete a private placement in the province of British Columbia (the Private Placement) of up to $110,000 by way of the issuance of debt securities that are convertible into common shares at $0.03 per share.
- For each distribution made in respect of the Private Placement, P2 will comply with the family, friends and business associates exemption contained in section 2.5 of NI 45-106.
- Before completing the Private Placement, the Company will:
(a) provide each investor in the Private Placement with a copy of the BC Cease Trade Order;
(b) provide each investor in the Private Placement with a copy of this Partial Revocation Order; and
(c) obtain a signed and dated acknowledgement from each investor in the Private Placement, which clearly states that all of the Issuer's securities, including the securities issued in connection with the Private Placement, will remain subject to the BC Cease Trade Order, and that the issuance of partial revocation orders does not guarantee the issuance of full revocation orders in the future.
- The P2 reasonably believes that the proceeds raised will be sufficient to bring its continuous disclosure obligations up to date (filing are already up to date in the US) and pay all related outstanding fees and provide it with sufficient working capital to continue its business.
- Once all filings are up to date in British Columbia, P2 intends to apply to have the BC CTO fully revoked.
Complete copy of the CTO and the "Partial Revocation Order" is available at www.p2solar.com.
Safe Harbor Statement
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement. P2 Solar, Inc. undertakes no duty to update these forward-looking statements.
Company Contact:
Raj-Mohinder Gurm
778-321-0047
P2 Solar, Inc.
info@p2solar.com
www.p2solar.com
SOURCE: P2 Solar, Inc.
View source version on accesswire.com:https://www.accesswire.com/729233/P2-Solar-Announces-Partial-Revocation-of-the-Cease-Trade-Order-by-British-Columbia-Securities-Commission
