Vancouver, British Columbia--(Newsfile Corp. - May 14, 2024) - Coloured Ties Capital Inc. (TSXV: TIE) ("CTI" or the "Company") announces that the TSX Venture Exchange has accepted the Company's application for the reinstatement of trading in the Company's common shares (the "Shares").
On February 2, 2024, the British Columbia Securities Commission issued a ceased trade order ("CTO") due to the Company's failure to file its annual audited financial statements for the year ended September 30, 2023, as required under National Instrument 51-102 - Continuous Disclosure Obligations, as previously disclosed on February 5, 2024.
As a result of the CTO, trading of the Shares was suspended on the TSXV. The BCSC revoked its CTO effective February 12, 2024.
At the request of the TSXV, the Company confirms that as of April 30, 2024, Quebec Pegmatite Holdings Corporation ("QPC") owes the Company a principal amount of approximately $1,240,288 (the "QPC Debt"). $90,000 of the QPC Debt matures on August 7, 2024 and the remaining QPC Debt matures on December 31, 2024. Interest accrues at 4% per annum. The Company is working with QPC to determine a repayment plan.
In September 2021, the Company entered into a margin credit facility with one of the Company's brokers (the "Creditor"), an arm's length party, for the purposes of increasing the Company's purchasing power to purchase securities. The amount of margin facility at any given time is based on the lower of (a) 30% of the fair market value of the shares held in Patriot Battery Metals Inc. and (b) $5,000. The interest rate of the margin facility is prime lending rate plus 3%. All cash and securities held in the Company's accounts at the Creditor act as collateral for the margin credit facility. There is no set repayment schedule if the Company maintains the required level of equity in its accounts with the Creditor. Kal Malhi, CEO of the Company, personally guaranteed the repayment of the margin credit facility.
ABOUT COLOURED TIES CAPITAL INC.
Coloured Ties is a publicly traded Canadian-based venture capital firm focused on early-stage investments in companies in the junior resources and break-through and disruptive technologies. Coloured Ties investment strategy is to invest early in multiple private and public companies across a variety of sectors that merit investments to advance promising ventures globally. Coloured Ties invests early stage, in promising projects where it can be the Founding or Early-Stage investor and can additionally provide investees with advisory services and access to the Company's ecosystem.
For further information, please contact:
Kal Malhi
Chief Executive Officer
kal@bullruncapital.ca
Ph: 604-805-4602
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 release.