The Ontario Securities Commission has issued a Management Cease Trade Order to Focus Graphite Inc. (TSXV:FMS,OTCQX:FCSMF,FWB:FKC) prohibiting, effective immediately, all trading of the securities of the Company by the Chief Executive Officer and the Chief Financial Officer.
As quoted in the press release:
The OSC had advised the Company that it was of the view that Focus had disclosed, in numerous documents, the outcomes on a study that includes the economic analysis of the potential viability of mineral resources on the Project that is not supported by a technical report as required by National Instrument in 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101″). The Company subsequently issued a news release announcing that it had clarified the disclosure on the Project (see press release dated September 10, 2012). The management cease trade order will remain in place until lifted by the OSC upon application by the Company following the filing of a current NI 43-101 compliant technical report on the Project.
Until the MCTO is lifted, Focus will comply with the alternative information guidelines set out in National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws.