Oremex Silver Inc. Delayed in Filing Annual Financial Statements and Seeks Management Cease Trade Order
Nachrichtenquelle: Marketwired | 01.04.2014, 22:46 | 116 Aufrufe | 0 | druckversion
TORONTO, ONTARIO--(Marketwired - April 1, 2014) - Oremex Silver Inc. (TSX VENTURE:OAG) ("Oremex" or the "Company") announced today that its audited financial statements, CEO and CFO certifications, and management discussion & analysis (the "Annual Filings") for the year ended November 30, 2013 were not released as scheduled on March 30, 2014. It is now anticipated that the release will occur no later than May 30, 2014.
The Company has been unable to meet the filing deadline as a result of the recent proxy contest initiated by two concerned shareholders of the Company that resulted in a replacement of the entire board of directors of the Company effective on December 31, 2013. Since that date, the board of directors has been working diligently to obtain and review all of the financial records of the Company, in addition to the operations and state of affairs of the Company generally. The board of directors has also spent considerable effort compiling the financial records of the Company in preparation of the Annual Filings. It was hoped that the Annual Filings would be completed and filed prior to the deadline, but due to the time involved in transitioning management, auditors were not able to complete the audit within the prescribed timeframe and the Company was not in a position to meet the March 30, 2013 deadline for filing the Annual Filings.
As a result of the delay, the Company has voluntarily requested that the Securities Commissions in British Columbia and Alberta and issue a temporary order that prohibits certain current directors, officers and insiders of Oremex from trading in securities of Oremex for so long as the Annual Filings are not filed. The issuance of such management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the issuer to trade in their securities. Oremex intends to provide updates in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports until such time as Annual Filings are completed.
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