MYDECINE APPLIES FOR MANAGEMENT CEASE TRADE
ORDER
VANCOUVER, British Columbia, 3 May
2024 - Mydecine Innovations Group Inc. (the
"Company")
(CSE: MYCO) (FSE: 0NF0) (OTC: MYCOF) (AQSE: MYIG) announces that it
has requested a temporary Management Cease Trade Order ("MCTO")
from the British Columbia Securities Commission ("BCSC") in
connection with the Company's filing of its audited annual
financial statements (the "Audited Financial Statements") and
MD&A for the financial year ended December 31, 2023.
The
Company is requesting the MCTO in order to secure additional time
to finalize its Audited Financial Statements, the related MD&A
and the applicable CEO and CFO certifications (the "Annual
Filings"). The delay in filing the Annual Filings is a result of
being required to restate its December 31,
2022 audited financial statements (as announced in its news
release dated April 25, 2024) and its
recent change of auditor. The Company is working with its new
auditor and accounting team to draft Financial Statements and
respond to all queries. It is the Company's reasonable expectation
that the Annual Filings will be finalized on or before June 28, 2024 or sooner.
By
way of background and as required by the BCSC, the Company notes
the following:
1. The
Company is required to file its Annual Filings all in accordance
with IFRS within 120 days after the end of its completed financial
year, such date being April 29, 2024
(the "Annual Filing Deadline") as required by National Instrument
51-102 Continuous Disclosure Obligations ("NI 51-102"). The Company
does not anticipate that it will be able to complete the Annual
Filings on or before the Annual Filing Deadline.
2. The
Company and its auditors are working diligently to prepare and file
the Annual Filings, on or before June 28,
2024.
3. The
Company confirms that it intends to issue a status report on a
bi-weekly basis, for as long as it remains in default of the Annual
Filing Deadline in respect of the Annual Filings.
4. The
Company is not subject to any insolvency proceeds.
5. There
is no other material information concerning the affairs of the
Company that has not been generally disclosed.
The
Company has imposed an insider trading blackout pending the filing
of the Annual Filings, and will comply with the alternative
information guidelines described in National Policy 12-203
Management Cease Trade Orders during
such period.
The
Directors of Mydecine take responsibility for this
announcement.
This
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
On behalf of the Board of Directors
MYDECINE INNOVATIONS GROUP INC.
Joshua Bartch
Chief
Executive Officer
contact@mydecineinc.com
AQSE
Corporate Advisor
Novum
Securities Limited Tel:
+44 (0)207 399 9400
David Coffman/ George
Duxberry
About
Mydecine Innovations Group Inc.
Mydecine
Innovations Group™ is a biotechnology company developing the next
generation of innovative medications and therapies to address
mental health disorders such as nicotine addiction and
posttraumatic stress disorder (PTSD). The core strategy blends
advanced technology with an elaborate infrastructure for drug
discovery and development. Mydecine's dedicated multinational team
constantly develops new paths for breakthrough treatment solutions
in areas with considerable unmet needs. By collaborating with some
of the world's leading specialists, the Company aspires to
responsibly speed up the development of breakthrough medications to
provide patients with safer and more effective treatment solutions.
At the same time, Mydecine's approach focuses on the next
generation of psychedelic medicine by creating innovative compounds
with unmatched therapeutic potential through its clinical trial
efforts with world-class scientific and regulatory
expertise.
Learn more at:
https://www.mydecine.com/ and follow the company on Twitter,
LinkedIn, YouTube, and Instagram.
Forward-looking Information Statement
This news
release may contain certain "forward-looking statements" and
"forward-looking information" within the meaning of applicable
Canadian and United States
securities laws. When used in this news release, the words
"anticipate", "believe", "estimate", "expect", "target, "plan",
"forecast", "may", "schedule" and other similar words or
expressions identify forward-looking statements or information.
These forward-looking statements or information may relate to the
anticipated timing for the filing of the Annual Filings, and other
factors or information. Such statements represent the Company's
current views with respect to future events and are necessarily
based upon a
number of assumptions
and estimates that, while considered reasonable by the Company, are
inherently subject to significant business, economic, competitive,
political and social risks, contingencies and uncertainties. Many
factors, both known and unknown, could cause results, performance
or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied
by such forward-looking statements. The Company does not intend,
and does not assume any obligation, to update these forward-looking
statements or information to reflect changes in assumptions or
changes in circumstances or any other events affections such
statements and information other than as required by applicable
laws, rules and regulations.
