Icarus files late 2024 financials, has CTO revoked

Executive Summary

• The British Columbia Securities Commission has revoked the cease trade order (CTO) previously issued against Icarus Capital Corp.
• The CTO was originally issued due to delays in filing annual audited financial statements, MD&A, and certifications for the year ended December 31, 2024, following the death of the former CFO.
• The company has now completed its audit, filed all required documents, paid outstanding fees, and secured working capital through a private placement.
• Trading on the TSX Venture Exchange remains suspended pending a review of the company's listing status, though active discussions with the exchange are ongoing.

Key Details

• CTO Revocation: The BC Securities Commission revoked the cease trade order that had been in effect since May 6, 2025.
• Reason for Original CTO: The order was issued due to the issuer's delay in filing:
  • Annual audited financial statements
  • Management’s Discussion and Analysis (MD&A)
  • Certifications for the year ended December 31, 2024
• Cause of Delay: The delay was attributed to the unexpected passing of the issuer's former chief financial officer in March.
• Resolution Actions:
  • Completed the audit.
  • Filed first quarter interim financial statements.
  • Paid all outstanding fees.
• Private Placement Financing:
  • Structure: Private placement of units.
  • Quantity: 2.01 million units.
  • Price: 10 cents per unit.
  • Gross Proceeds: $201,000.
  • Use of Proceeds: Completed the audit, filed financial statements, and provided working capital.
• Trading Status:
  • Shares remain suspended on the TSX Venture Exchange.
  • Suspension is pending the exchange's review of Icarus's listing status.
  • The company is in active discussions with the TSX Venture Exchange.
  • A market update will be provided once reinstatement to trading is confirmed.

Notable Quotes

• No direct quotes from management were included in the provided text.