Champignon Brands (CSE: SHRM) has completed the regulatory filings required as per the review previously initiated by the British Columbia Securities Commission (BCSC). With the documents filed late in the day on Tuesday, the company announced late this afternoon that it is now in compliance with the required filings.
The company was initially halted from trading in late June in connection with three business acquisition reports that were to be filed by the company. Business acquisition reports, or BAR for short, are required based on three tests: the asset test, where a target company’s assets amount to 20% or more of the acquiring firms assets, the investment test, which again is based around exceeding 20% of assets, or the profit and loss test, when the target firm’s profit or loss exceeds 20% of the acquiring firms profit or loss.
For Champignon, this meant that it was required to file reports on the acquisitions of Artisan Growers, Novo Formulations, and Tassili Life Sciences. With the company previously failing to complete these documents within the allotted time frame, it was halted for trading until such issues were rectified. The timing of the resumption of trading is now in the hands of the BCSC, whom is currently reviewing documentation filed by Champignon, as well as the disclosure obligations of the issuer.
Furthermore, the company announced this evening that Dr. Roger McIntyre, currently the CEO of Champignon, has replaced Pat McCutcheon on the firms Board of Directors. McCutcheon will remain as an advisor to the firm, which is said to “permit him increased mobility to assist the Company with ongoing and planned capital markets initiatives.”
Champignon Brands last traded at $0.89 on the CSE, and currently remains halted.
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