Champion Bear applies for management cease trade order
Mr. Richard Kantor reports
Champion Bear Resources Ltd. has made an application to the Alberta Securities Commission, the company's principal securities regulator in Canada, under National Policy 12-203 -- Management Cease Trade Orders requesting that a temporary management cease trade order be granted in respect of the anticipated late filing of the annual financial statements for the year ended Dec. 31, 2019. There is no guarantee that an MCTO will be granted.
As previously announced on April 29, 2020, and June 1, 2020, COVID-19-related restrictions, and additional time and finances required by the company's auditors to complete their audit review procedures have continued to delay the company's filing of its annual financial statements and management's discussion and analysis for the year ended Dec. 31, 2019. Although the company remains confident in its ability to complete its annual filings, it requires an extension of the June 15, 2020, deadline and has therefore applied for an MCTO. Champion Bear anticipates that, subject to current conditions remaining the same, it will require approximately three weeks from today to complete the audit review process and in either event will use its best efforts to complete the process within the next 30 days.
If an MCTO is granted, Champion Bear's directors, senior officers and other insiders will not be able to trade the company's securities while the MCTO is in effect, and the company will be required to comply with the provisions of the alternative information guidelines as set out in the policy for so long as the MCTO remains in effect.
Unless and until such time as the company files the annual statements, shareholders and potential investors of the company are urged to exercise extreme caution when dealing in the securities of the corporation. If an MCTO is granted but the corporation is unable to file the annual statements prior to the expiry of the MCTO, it is anticipated that the ASC will issue a general failure to file cease trade order prohibiting the trading by any person of any securities of the company, including trades in the company's common shares made through the TSX Venture Exchange, which would take effect shortly after the expiry of the MCTO and would remain in place until such time as the annual financial statements have been filed. Trading prices and volatility of the Champion Bear securities may be negatively affected and any investment in such securities could suffer a significant decline or total loss in value. Champion Bear will make further announcements with respect to the status of the filings as and when appropriate.
About Champion Bear Resources Ltd.
Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The company's primary targets are platinum group metal, precious metal and polymetallic base metal deposits.