In This Article:
TORONTO, May 28, 2024 (GLOBE NEWSWIRE) -- May 28, 2024 - Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (the “Company” or “Pasinex”), is providing a further update on the status of a voluntary management cease trade order (the "MCTO") granted under National Policy 12-203 (“NP 12-203”) by the British Columbia Securities Commission (“BCSC”) on April 30, 2024. As a reminder, the MCTO prohibits all trading in the capital of the Company, whether directly or indirectly, by the Company’s CEO and CFO. The MCTO does not affect the ability of other shareholders to trade in the securities of the Company.
As previously announced on April 22, 2024 (the “Announcement”), the application for the MCTO was made by the Company in order to secure additional time for the Company to file its audited annual financial statements and the related management’s discussion and analysis for the year ended December 31, 2023, (the “Annual Filings”), which were due on April 29, 2024.
The Company and its auditors continue to work diligently toward completing the Annual Filings as soon as possible. The Company currently expects to file the Annual Filings by May 31, 2024, as announced in the status update provided on May 13, 2024.
On May 24, 2024, the Company also announced a delay in filing its interim financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2024 (the “Interim Filings”), which are due on May 30, 2024 (the “Filing Deadline“). The Company applied to the BCSC and other applicable securities regulators for another voluntary management cease trade order, but its application was rejected on May 27, 2024, due to the existing default in connection with the Annual Filings. The Company expects to be issued a Cease Trade Order (“CTO“) by the BCSC as a result of not filing the Interim Filings by the Filing Deadline.
The Company is working diligently to ensure the Interim Filings are filed as soon as possible. Once complete, a news release will be issued indicating that the Interim Filings have been submitted. Upon remedying the default within 90 days of the date of the CTO, the filing of the Annual Filings and Interim Filings, including all other filings and certifications that subsequently become due, constitutes the application to revoke the CTO. In the interim, the Company continues to operate normally and without disruption.
The Company confirms that since the date of the Announcement: (i) other than as described above, there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) other than as described above, there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.