Archangel Diamond Corporation Updates Delay in Filing Annual Financial Statements
June 05 2009 - 3:05PM
Marketwired
Archangel Diamond Corporation ("Archangel" or the "Corporation")
(TSX VENTURE: AAD) announces further to its original April 29th
notice of default with respect to filing annual financial
statements, accompanying management's discussion and analysis
("MD&A") and related CEO and CFO certifications (collectively,
the "2008 Annual Financial Statements") for the financial year
ended December 31, 2008 and the most recent default status report
disseminated on May 20, 2009 that the auditors have not finalized
the audit of the 2008 Annual Financial Statements. The Corporation
had announced in its April 29th news release that it believed that
the 2008 Annual Financial Statements would be filed by May 31,
2009. However, the Corporation is now targeting completion of the
audit over the coming weeks which should facilitate filing before
the end of June, 2009.
As a result of the delay in filing the 2008 Annual Financial
Statements, the Corporation will not be able to file its interim
financial statements, accompanying MD&A and related CEO and CFO
certifications (collectively, the "Interim Financial Statements")
for first quarter interim financial statements for the period ended
March 31, 2009, which are due to be filed by June 1, 2009. Upon
completion and filing of the 2008 Annual Financial Statements, the
Corporation will file its Interim Financial Statements.
Further, the Corporation confirms that it is postponing the
Annual Meeting of shareholders originally scheduled for June 25,
2009 to a future date yet to be determined upon resolution of the
delay in filing the 2008 Annual Financial Statements.
The Corporation confirms that there are no insolvency
proceedings against it as of the date of this press release.
Archangel also confirms that there is no other material information
concerning the affairs of Archangel that has not been generally
disclosed as of the date of this press release.
The Corporation confirms that its intends to satisfy the
provisions of the alternative information guidelines found at
sections 4.3 and 4.4 of National Policy 12-203 for so long as they
remain in default as a result of the late filing of the 2008 Annual
Financial Statements and Interim Financial Statements. During the
period of default, Archangel will issue bi-weekly default status
reports in the form of further press releases, which will also be
filed on SEDAR.
Archangel has been granted a management cease trade order by the
Ontario Securities Commission as principal regulator with respect
to the original default. Any applicable Canadian securities
regulatory authorities may issue general cease trade orders against
the Corporation for failure to file the 2008 Annual Financial
Statements and/or the Interim Financial Statements within the
prescribed time period.
CAUTIONARY NOTE TO SHAREHOLDERS CONCERNING FORWARD LOOKING
STATEMENTS AND FINANCIAL PROJECTIONS - This news release contains
"forward-looking statements", within the meaning of applicable
Canadian securities legislation. Forward-looking statements
include, but are not limited to, statements with respect to the
outcome of future negotiations, completion of the Transaction,
execution of definitive agreements, exercise of future call rights,
success of financing activities, identification or upgrade of
mineral resources, requirements for additional capital, government
regulation, results of future diamond exploration, results of
diamond marketing, changes in legal requirements, changes in the
political environment, environmental liabilities and title
disputes. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual outcomes, results, level of activity, performance or
achievements of Archangel Diamond Corporation to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: risks described in the
above news release; those risks set out in Archangel's disclosure
documents and its annual, interim management discussion and
analysis and annual reports. Although Archangel has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Archangel does not
undertake to update any forward-looking statements or financial
projections, except in accordance with applicable securities
laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Archangel Diamond Corporation - Vancouver, British
Columbia Ms. Jocelyn Fraser Media Enquiries (604) 731-6164 Email:
jocelyn.fraser@archangeldiamond.com Archangel Diamond Corporation -
Toronto, Ontario Mr. Steven Thomas Chief Financial Officer (416)
423-1600 Email: steve.thomas@ca.debeersgroup.com
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