Prospera Provides Status Update – Prospera Energy (OTC:GXRFF) – Press Release

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Prospera Energy Inc. PEI: TSX-V; OF6A: FRA, OTC: GXRFF

CALGARY, Alberta, May 12, 2023 (GLOBE NEWSWIRE) — Prospera Energy Inc. (“Prospera” or the “Corporation“) TSX announces that further to its news release dated April 28, 2023, the Corporation’s principal regulator, the Alberta Securities Commission (the “ASC“) granted a management cease trade order (the “MCTO”) on May 4, 2023, under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). Pursuant to the MCTO, Samuel David, the Chief Executive Officer, and Matthew Kenna, the Chief Financial Officer, may not trade in securities of the Corporation until such time as the Corporation files its annual audited financial statements, annual management’s discussion and analysis and related certifications for the year ended December 31, 2022 (collectively, the “Required Documents“), and the Executive Director of the ASC revokes the MCTO. The MCTO does not affect the ability of other shareholders to trade their securities.

The Corporation’s Board of Directors and management confirm that they are working expeditiously to file the Required Documents and expect to do so on or prior to May 31, 2023 and confirm that since the Corporation’s news release dated April 28, 2023, there is no other material information respecting the Corporation’s affairs that has not been generally disclosed. The Corporation continues to work with its auditor to complete the annual audit as soon as practicable.

Until the Required Documents have been filed, the Corporation intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Corporation remains in default of the financial statement filing requirement. In the event that the Corporation does not file the Required Documents in a timely manner, the Canadian Securities Regulatory Authorities may impose an issuer cease trade order on the…

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