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MONTREAL, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Relevium Technologies Inc. (the “Company” or “Relevium”) (TSXV: RLV) is providing an update to its previously disclosed management cease trade order ("MCTO"), announced on November 1, 2021, in respect of the audited annual financial statements and corresponding management's discussion and analysis for the year ended June 30, 2021, including the CEO and CFO certifications (collectively, the “Annual Financial Filings”) that were not filed by the required filing deadline of October 28, 2021 (the “Filing Deadline”).
As previously disclosed, the Annual Financial Filings were not filed on or before the Filing Deadline due to audit resource scheduling and availability required to complete the financial statements and disclosures.
The Company is working expeditiously on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings by January 31, 2022. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The MCTO will be in effect until the Annual Financial Filings are filed and requires that the Annual Financial Filings be filed on or before January 31, 2022.
Until the Annual Financial Filings are filed, the Company will issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there have been no material business developments or other material information relating to its affairs as of the date of this news release that have not been generally disclosed.
CORRECTIVE UPDATE REGARDING THE CLOSING OF THE JUNE 2020 FINANCING
On June 2, 2020, the Company announced a private placement offering of up to 58,000,000 units (the “Units”) of the Company at a price of $0.035 per Unit (the “Offering”), with each Unit consisting of one share and one common share purchase warrant (a “Warrant”). Each Warrant entitled the holder to acquire one common share of the Company at a strike price of $0.05 for a period of two years from the date of issuance.
The Company at the time had received subscription agreements for a total of 51.4 million units for gross proceeds of approximately $1.8M. However, at closing, the Company issued at total of 55,544,110 common shares (units) for total gross proceeds of $1,944,043.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Relevium Technologies Inc.
Relevium is a publicly traded Company that operates in the health and wellness industry, with a primary focus on online distribution. The Company pursues its business strategy through an acquisition and partnership model in a holistic approach to encompass a wide range of health and wellness consumer products.
Relevium operates through two wholly owned subsidiaries: (1) BGX E-Health LLC (BGX), based in Orlando, Florida, markets dietary supplements, nutraceuticals, sports nutrition, and cosmeceuticals. (2) Biocannabix Health Corporation (BCX), based in Montreal, Quebec, is a biopharma nutraceutical Company holding IP and investments in pediatric endo-medicinal nutraceuticals therapy.
Cautionary Note Regarding Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian and United States securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions, or expectations of future performance, are forward-looking statements and contain forward-looking information. Generally, forward- looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events, or results "may", "could", "should", or "would" occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek to rely on the applicable safe harbor.
On Behalf of the Board of Directors
RELEVIUM TECHNOLOGIES INC.
President and CEO
For more information about this press release: Tel: +1.888.528.8687