MGX Minerals is Granted Management Cease Trade Order to Allow for Finalization of Pending Financial Statements
Friday, November 29, 2019 3:30 AM
VANCOUVER, BC / ACCESSWIRE / November 29, 2019 / MGX Minerals Inc., ("MGX" or the "Company") (CSE:XMG), (FKT:1MG), (OTCQB:MGXMF), announces that in connection with the anticipated late filing of the Company's audited annual financial statements (the "Financial Statements") and management's discussion and analysis for the financial year ended July 31, 2019, the Company has applied for, and has been granted, a temporary management cease trade order (the "MCTO") by the British Columbia Securities Commission (the "BCSC").
The Company applied for the MCTO in order to secure additional time to finalize the Financial Statements. As a result of recent changes to the Company's board of directors, the Company anticipates a longer than anticipated timeframe for the audit of the Financial Statements. However, it is the Company's reasonable expectation that the audit of the Financial Statements will be completed by December 19, 2019.
By way of background and as required by the BCSC, please note the following:
- The Company is required to file its July 31, 2019 audited annual financial statements, management's discussion and analysis and the applicable CEO and CFO certifications in respect of such filings (collectively, the "Annual Filings") all in accordance with IFRS, by November 28, 2019 (the "Filing Deadline"), as required pursuant to National Instrument 51-102 Continuous Disclosure Obligations. The Company does not anticipate that it will be able to complete its Annual Filings on or before the Filing Deadline.
- The Company and its auditors are working diligently to prepare and file the Annual Filings on or before December 19, 2019, and in any event before December 31, 2019.
- The Company confirms that it intends to issue a status report on a bi-weekly basis, for as long as it remains in default of the Filing Deadline in respect of the Annual Filings.
- There is no other material information concerning the affairs of the Company that has not been generally disclosed.
During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, for the duration of the MCTO, the Company's Chief Executive Officer and Chief Financial Officer will not be able to trade the Company's common shares.
The Company has imposed an insider trading blackout pending the filing of the Annual Filings. If the MCTO is granted, the Company will comply with the alternative information guidelines described in National Policy 12-203 Management Cease Trade Orders for so long as it remains in default due to the late filing of the Annual Filings.
On behalf of the Board of Directors,
Jared Lazerson, President and CEO
President and CEO
Further information about the Company is available under its profile on the SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and on its website.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
SOURCE: MGX Minerals Inc.