Spey Resources Corp (OTCMKTS:SPEYF) has announced that the British Columbia Securities Commission (BCSC) is giving it a disclosure review. In addition, the BCSC will review a disclosure that involves recent acquisitions by Spey.
The BCSC gave the company an order to cease trade. As a result, the company will suspend trading in its securities. The Canadian Securities Exchange has suspended the trading of Spey common shares as a response to the cease order.
The order to cease trading was issued because of a disclosure related to the previous economic analysis of Spey’s Incahuasi project, disclosure in its management analysis and discussion for the first and second quarters and continuous disclosure filings for its acquisition of Tech One Lithium Resources Corp.
Spey will corporate with the BCSC’s efforts to revise the cease trade order and complete the review. It will also provide information on the trading suspension and the status of the review.
According to Spey, the economic disclosure had been given in its corporate presentation on July 2021 and made available on the company website. The economic disclosure has now been removed from Spey’s website. In addition, the company has clarified that the information presented on slide 5 of the disclosure can’t be used.
Market Reaction:
On Monday, SPEYF stock fell 3.23% at $0.30 with more than 155K shares, compared to its average volume of 396K shares. The stock has moved within a range of $0.3000 – 0.3450 after opening the trade at $0.30.
