Lakeview Hotel Investment Corp Announces Application for Management Cease Trade Order

WINNIPEG, MB, Nov. 27, 2020 /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 November 30, 2020, as provided in National Instrument 51-102 – Continuous Disclosure Requirements, for filing of the following continuous disclosure documents: (i) interim financial statements for the 3-month period ended November 30, 2020; (ii) management's discussion & analysis for the 3-month period ended November 30, 2020 and (iii) certification of filings under section 5.1 of Regulation 52-109 – Certification of Disclosure in Issuers' Annual and Annual Filings (collectively, the "Interim Filings").

The default is due to the outbreak of the novel coronavirus ("COVID-19"), which had a negative impact on Lakeview's business and administrative operations.

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 Interim 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 Interim Filings are not filed in a timely fashion.

During the period of default and until filing of the Interim 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 Interim Filings have been completed.

Lakeview plans to complete the Interim Filings on or before December 17, 2020.

Other than disclosed in the Corporation's press releases, there have been no material business developments since September 30, 2020, when the Corporation filed its interim financial statements for the 3-month period ended September 30, 2020.

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