In This Article:
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2023) - Blue River Resources Ltd. (TSXV: BXR) (OTC Pink: BRVRF) (FSE: 0BL) (the "Company") announces that, further to its news release of February 14, 2023 (the "Default Announcement"), the British Columbia Securities Commission (the "BCSC") has issued a management cease trade order (the "MCTO") dated March 1, 2023 in connection with the delay by the Company in filing its audited consolidated financial statements for the financial year ended October 31, 2022 (the "Financial Statements") and the related management's discussion and analysis and Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, with the Financial Statements, the "Required Filings") before the filing deadline of February 28, 2023 (the "Filing Deadline").
The Company has been working closely with its auditors and expects to file the Required Filings by April 17, 2023.
The Company's failure to file the Required Filings by the Filing Deadline is due to the Company's auditors requiring additional time to complete the Financial Statements and perform various audit procedures due to capacity constraints at both the staff and partner levels.
As previously announced, pursuant to the MCTO, the CEO and CFO of the Company may not trade securities of the Company until such time as the Company files the Required Filings and the BCSC revokes the MCTO. The MCTO does not affect the ability of shareholders of the Company to trade their securities.
The Company is providing this updated status report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). Until such time as the Company files the Required Filings and the MCTO has been revoked, the Company intends to the follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases.
Pursuant to the provisions of the alternative information guidelines specified in NP 12-203, the Company confirms that, as of the date of this news release and except as noted above, (a) there have been no material changes to the information contained in the Default Announcement that would reasonably be expected to be material to an investor; (b) there have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under NP 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and (d) there is no other material information concerning the affairs of the Company that has not been generally disclosed.