This application follows an anticipated delay in filing the Company's audited annual financial statements, management's discussion and analysis, and related officer certifications for the fiscal year ended January 31, 2026 (collectively, the "Required Filings"), which are due on June 1, 2026.
Reason for Anticipated DefaultThe delay in completing the Required Filings is a direct result of recent material corporate developments involving Cyber Apps Solutions Corp. ("CYRB") and its operating unit, Proton Green, LLC, in which VVC holds an equity investment position. Public disclosures and third-party legal filings indicate that CYRB's asset infrastructure is currently the subject of active foreclosure and liquidation proceedings initiated by secured credit facility lenders. Concurrently, CYRB has experienced an abrupt transition and vacancy within its executive management team.
Because these concurrent events create significant volatility regarding the valuation and recoverability of this asset, VVC's auditors require a comprehensive asset-impairment analysis under IFRS 9 and IFRS 13. The Company has engaged an independent third-party valuation specialist to reconstruct a reliable valuation model. VVC expects to complete the Required Filings on or before June 30, 2026.
Financing & Corporate UpdateIn light of the operational adjustments required by the developments at CYRB, the Company also announces that it is actively pursuing capital-raising initiatives to protect working capital and fund ongoing ...
