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Financings

Nexco Resources applies for partial revocation of FFCTO

By The Northwire Desk — AI Analysis Mar 02, 2026 · 19:37 NXU Nexco Resources Inc
NXU · Price

Executive Summary

  • Nexco Resources has applied to the British Columbia Securities Commission for a partial revocation of its failure‑to‑file cease‑trade order (FFCTO) issued on Jan 2, 2025.
  • The company proposes a non‑brokered private placement of up to 20 million common shares at C$0.01 per share, targeting gross proceeds of up to $200,000, contingent upon receipt of the partial revocation order and other regulatory approvals.
  • Proceeds are earmarked to remediate outstanding continuous disclosure deficiencies (audit, accounting, legal filing fees, G&A expenses, and working capital).

Key Details

  • Partial Revocation Application: Filed under National Policy 11‑207 to permit completion of the private placement while the FFCTO remains in effect; full trading halt will continue until a full revocation is obtained.
  • Private Placement Terms:
  • Up to 20 million common shares
  • Price: C$0.01 per share
  • Maximum gross proceeds: $200,000 CAD
  • Non‑brokered, private placement under NI 45‑106 exemptions (accredited investors, friends/family/business associates).
  • Regulatory Conditions:
  • Completion subject to CSE acceptance and customary closing conditions.
  • Issued securities will be subject to the FFCTO until full revocation and a statutory hold period of four months + one day.
  • Insider Participation: Insiders may subscribe; such participation is considered a related‑party transaction but is exempt from formal valuation/minority approval because it does not exceed 25% of market cap.
  • Use of Proceeds: To cover audit fees, accounting fees, legal and regulatory filing costs, general & administrative expenses, and working capital needed to prepare and file outstanding financial statements and continuous disclosure documents. No proceeds will be used for related‑party payments.

Notable Quotes

(No executive quotes were provided in the release.)

Read the original news release →