Lakeview Hotel Investment Corp Announces Application for Management Cease Trade Order

WINNIPEG, MB, April 28, 2021 /CNW/ - Lakeview Hotel Investment Corp. (TSXV: LHIC) (the "Corporation" or "Lakeview") announced today that it will not be able to meet the filing date of April 30, 2021, as provided in National Instrument 51-102 – Continuous Disclosure Requirements, for filing of the following continuous disclosure documents: (i) audited annual financial statements for the year ended December 31, 2020; (ii) management's discussion & analysis for the year ended December 31, 2020 and (iii) certification of filings under section 4.1 of Regulation 52-109 – Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Annual Filings").

The default is due primarily to the unexpected absence of the Corporation's senior corporate accountant due to serious family health issues.  

Accordingly, the Corporation has applied to The Manitoba Securities Commission (the "MSC") for a Management Cease Trade Order that will prohibit the Chief Executive Officer and the Chief Financial Officer of Lakeview from trading in the securities of the Corporation until such time as the Annual Filings have been filed. The MSC has yet to make a decision on the aforementioned application. The MSC may grant the application and issue the Management Cease Trade Order or it may impose an Issuer Cease Trade Order if the Annual Filings are not filed in a timely fashion.

During the period of default and until filing of the Annual Filings, the Corporation intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 – Management Cease Trade Orders.

The Corporation's management and other insiders are subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions until the Annual Filings have been completed.

Lakeview plans to complete the Annual Filings on or before May 24, 2021.

Other than disclosed in the Corporation's press releases, there have been no material business developments since December 9, 2020, when the Corporation filed its notice of change of auditor.  

About the Corporation

Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol "LHR".  Lakeview Hotel Investment Corp receives income from ownership, management and licensing of hotel properties. 

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Lakeview Hotel Investment Corp

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