An Alberta energy company with assets in Kazakhstan agreed this week to pay $10,000 to the Alberta Securities Commission to settle charges that it issued shares and warrants while it was under a cease trading order.
Under the settlement, the Commission said Caspian Energy Inc.
, Stock Forum
) admitted to issuing a number of shares and share purchase warrants in April 2013, in lieu of cash payments to satisfy debt obligations.
The Commission had issued a cease trading order against Caspian three days earlier, after the company failed to file audited financial statements and related information for the year ending December 31, 2012.
The Commission said Caspian acknowledged that its actions constituted a breach of the CTO and that it acted contrary to the public interest.
However, it was recognized that the breach appeared to be inadvertent.
Under the settlement agreement, Caspian Energy paid $10,000 to the ASC, and undertook to comply fully with Alberta securities laws.
Caspian was unchanged Friday at 5 cents, leaving the company with a market cap of $11.5 million, based on 230.2 million shares outstanding. The 52-week range is 14 cents and 3 cents.