Lions Bay Capital Faces Cease Trade Order Due to Late Filings

Lions Bay Capital Inc., a Vancouver-based mining finance and investment company, has faced a significant setback as the British Columbia Securities Commission (BCSC) issued a cease trade order (CTO) against the firm on October 5, 2026. The order is a direct result of the company's failure to file its audited annual financial statements, management's discussion and analysis, and related CEO and CFO certifications for the financial year ended May 31, 2026.

According to the release, the delay in filing these documents is due to additional audit work required in connection with significant transactions and valuation matters related to the company's investment in Lions Bay Resources (Pty) Ltd., a private South African company in which Lions Bay Capital holds an equity interest. Despite the ongoing efforts of management and the company's auditors, the filing deadline was not met, leading to the issuance of the CTO.

The CTO, which was issued under Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders, prohibits trading in or purchasing any securities of Lions Bay Capital Inc. in British Columbia and other Canadian jurisdictions where the company is a reporting issuer, until the CTO is revoked. However, beneficial securityholders who are not insiders or control persons of the company may sell securities acquired before October 5, 2026, through a "foreign organized regulated market" and an investment dealer registered in a jurisdiction of Canada.

Trading in the company's common shares on the TSX Venture Exchange (TSXV) had been halted prior to the issuance of the CTO in connection with the company's pending change of business. As a result of the CTO, the TSXV suspended trading in the company's securities effective October 6, 2026. Reinstatement to trading can occur only once the CTO has been revoked and the TSXV has completed a reinstatement review to confirm that the company has complied with Exchange requirements.

If the company has not been reinstated to trading on Tier 2 of the TSXV by January 5, 2027, the exchange may transfer the company's securities to the NEX board of the exchange without further notice. Lions Bay Capital Inc. is working to complete the required filings as soon as practicable and currently expects to file them on or before October 30, 2026. The company intends to apply for a revocation of the CTO once the required filings have been completed and filed.