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Toronto, Ontario, Canada, May 11, 2026 (GLOBE NEWSWIRE) — Canada Carbon Inc. (the “Company” or “Canada Carbon“) (TSX-V:CCB) (FF:U7N1) — Canada Carbon announces that the Ontario Securities Commission (the “OSC”) has issued a failure-to-file cease trade order (the “FFCTO“) pursuant to National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions against the Company as a result of the Company’s failure to file its: (i) audited consolidated financial statements for the year ended December 31, 2025 (the “Annual Financial Statements“), (ii) management’s discussion and analysis relating to the Annual Financial Statements, and (iii) CEO and CFO certificates relating to the Annual Financial Statements (collectively, the “Annual Filings“). As a result of the FFCTO, the TSX Venture Exchange has suspended trading in the Company’s securities.
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The delay in filing the Annual Filings was and is due to the continued financial hardships the Company is experiencing. The Company is working diligently to remedy this issue by securing the additional capital required to complete the audit process so that it can file its Annual Filings as soon as possible. The FFCTO will remain in effect until the Annual Filings are filed and the OSC revokes the FFCTO.
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Financial Review and CRA Audit
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Canada Carbon in the process of conducting a comprehensive financial review. This review is being undertaken, in part, in connection with an ongoing audit by the Canada Revenue Agency (the “CRA”) relating to the Company’s flow‑through expenditures and renunciations for the 2021 to 2024 taxation years.
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The outcome of the CRA audit may have an adverse impact on the Company if the CRA determines that the Company did not fully satisfy its flow‑through share obligations. Additional information regarding the Company’s flow‑through share obligations is included in the Company’s financial statements, which are available on the Company’s website.
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In the course of the financial review, the Company identified certain expenditures that were charged to Canada Carbon but were unrelated to the affairs of the Company. These expenditures were incurred without approval of the Company’s board of directors. As a result, the Company has commenced an internal investigation into these matters. The expenditures under review are material in nature and, depending on the outcome of the investigation, may result in the restatement of one or more previously filed financial statements. The expenditures in question total $203,992.89 of which $105,326.30 was paid by the Company and the remaining $98,666.59 is accrued as a liability.
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ABOUT CANADA CARBON INC.
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Canada Carbon Inc. is a Canadian exploration and development company focused on high-purity graphite deposits, primarily the Miller and Asbury projects in Quebec. The Company is positioned to supply premium graphite materials for advanced industrial applications.
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CANADA CARBON INC.
“Arran Thorpe”
Interim Chief Executive Officer and Director
Contact Information
E-mail inquiries: [email protected]
P: (905) 407-1212
English (US)