CALGARY, Alberta, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Zenith Capital Corp. (“Zenith” or the “Company”) today announces that, further to its August 26, 2020 press release, it continues to rely on blanket exemptions issued by provincial securities commissions due to the COVID-19 outbreak that permit the Company to extend the filing deadline of certain continuous disclosure documents for a period of up to 45 days.
The Company continues to rely on the exemptive relief to extend the date of filing of its annual financial statements for the year ended April 30, 2020 and related management's discussion and analysis pursuant to National Instrument 51-102 (collectively, the "Annual Filings"). Zenith continues to expect that it will file the Annual Filings on or before October 12, 2020.
Consequently, the Company also announces that it anticipates a delay in the filing of its interim financial statements and related MD&A for the three months ended July 31, 2020 (collectively, the "Interim Filings"). The Company does not expect to file its Interim Filings by the regular filing deadline of September 29, 2020. The Company’s personnel are working diligently to complete the Interim Filings but, due to the interruption to the Company’s financial reporting activities caused by the COVID-19 pandemic and the resulting delay in completing the Annual Filings, the Company currently expects to file the Interim Filings on or about October 30, 2020.
The Company is in the process of making an application to the Alberta Securities Commission, as its principal regulator, under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") requesting that a management cease trade order ("MCTO") be imposed in respect of the late filing of the Interim Filings. The issuance of a MCTO would not generally affect the ability of persons who are not officers or directors of the Company to trade in the Company’s securities. If the MCTO is granted, the MCTO will prohibit the chief executive officer, the chief financial officer, and possibly the directors or other officers of the Company from trading in securities of the Company for so long as the Interim Filings are not filed. There is no guarantee that a MCTO will be granted.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of filing the Interim Filings.
Zenith also confirms there have been no undisclosed material business developments, since its most recent news release on August 26, 2020 regarding the status of its continuous disclosure filings, that have not been otherwise disclosed by Zenith by way of news release.
Zenith Capital Corp. is a biotechnology investment company originally spun out of Resverlogix Corp. (TSX: RVX) in 2013. Zenith Epigenetics Ltd., a wholly-owned subsidiary of Zenith Capital Corp., is a clinical stage biotechnology company focused on the discovery and development of novel therapeutics for the treatment of cancer and other disorders with significant unmet medical need. Zenith Epigenetics is developing various novel combinations of BET inhibitors with other targeted agents. The lead compound, ZEN-3694, is in clinical development for metastatic Castration Resistant Prostate Cancer (“mCRPC”) and Triple Negative Breast Cancer.
This news release may contain certain forward-looking information as defined under applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. In particular, this news release includes forward looking information relating to the Company’s reliance on provincial securities regulator blanket exemptions, the anticipated timeline for filing continuous disclosure documents, the impact of the COVID-19 pandemic on the Company’s activities, the application for a MCTO and potential restrictions on trading the Company’s securities. Our actual results, events or developments could be materially different from those expressed or implied by these forward-looking statements. We can give no assurance that any of the events or expectations will occur or be realized. By their nature, forward-looking statements are subject to numerous assumptions and risk factors including those discussed in our most recent MD&A which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. Zenith disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.