CALGARY,
May 5, 2014 /CNW/ - Alston Energy
Inc. ("Alston" or the "Company") is advising that it
has received correspondence from the Alberta Securities Commission ("ASC")
that it intends to cease trade the common shares of the Company,
which are currently trading on the TSX Venture Exchange
("TSXV").
On March 6, 2014,
the Company announced (the "Default Announcement") that it
would not be able to file its audited annual financial statements
and related management's discussion and analysis for the period
ended December 31, 2013 together with
the related certification of filings under National Instrument
52-109 Certification of Disclosure in Issuers' Annual and Interim
Filings (collectively, the "Continuous Disclosure
Documents") by April 30, 2014,
the deadline prescribed by securities legislation (the
"Specified Requirement"). In addition, it announced that it
would not be able to file the report required under National
Instrument 51-101 - Standards of Disclosure for Oil and Gas
Activities (the "51-101 Report").
The Company had intended to comply with the
alternative disclosure requirements as set forth under National
Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults
("NP 12-203"). The ASC has advised that the alternative
disclosure requirements under NP 12-203 would not apply to a
company in insolvency proceedings unless an order of the court
specifically stays their ability to cease trade the securities of
such company, as per amendments to the CCAA (as defined below)
which were implemented subsequent to the adoption of NP 12-203.
Further be advised that, the Company is in receipt of a notice from
the ASC dated May 1, 2014, indicating
that the Company has failed to meet the Specified Requirement as of
this date and as a result, the Company may face further action,
including the issuance of a Cease Trade Order without further
notice. Based on the foregoing, the Company anticipates that its
common shares will be cease traded on the facilities of the TSXV
any time after May 1, 2014 and
without further notice.
The Company is currently subject to proceedings
before the Alberta Court of
Queen's Bench pursuant to the Company's Companies' Creditors
Arrangement Act (the "CCAA").
The common shares of Alston Energy Inc. trade on
the TSX Venture Exchange under the trading symbol "ALO". The common
shares continue to trade on the facilities of the TSX Venture
Exchange during the CCAA process but are expected to cease trading
any time after May 1, 2014, without
further notice as set forth above.
For additional information about Alston please
visit our website www.alstonenergy.ca or under the company profile
on SEDAR www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
Advisory: This press release contains
forward-looking statements. More particularly, this press release
contains statements concerning expectations regarding the
anticipated failure to file audited annual financial statements and
the anticipated cease trade order to be implemented by the
ASC.
The forward-looking statements contained
in this document are based on certain key expectations and
assumptions made by Alston, including expectations and assumptions
concerning the anticipated failure to file the Continuous
Disclosure Documents and 51-101 Report and the anticipated
consequences thereof.
Although Alston believes that the
expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because Alston can give no
assurance that they will prove to be correct. Since forward looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, the failure to file the Continuous Disclosure Documents
and 51-101 Report and the cease trading of the common shares of the
Company.
The forward-looking statements contained
in this document are made as of the date hereof and Alston
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
SOURCE Alston Energy Inc.