VANCOUVER, BC, May 3, 2023
/CNW/ - Awalé Resources Limited (TSXV: ARIC) ("Awalé"
or the "Company"), announced today that it has been issued a
Management Cease Trade Order ("MCTO") by the British
Columbia Securities Commission ("BCSC"). The MCTO was issued
following a request by Awalé as it became aware that the Company
may not meet the deadline of May 1,
2023 to file its Audited Annual Financial Statements and
Management Discussion & Analysis for the financial years ended
December 31, 2022 and 2021 and the
CEO and CFO certificates, all as required by National Instrument
51-102 - Continuous Disclosure Obligations and National
Instrument 52-109 - Certification of Disclosure in Issuers'
Annual and Interim Filings (collectively, the "Annual
Filings").
The MCTO prohibits trading by the Chief Executive Officer, Chief
Financial Officer and possibly certain company insiders, including
officers and directors, until such time as the Company files the
Annual Filings. The Company faced recent unforeseen
circumstances, which included the recently announced changes in
financing terms and to management on April
25th which led to the inability to submit
all files to the auditors on time.
The Company is providing this default announcement in accordance
with National Policy 12-203 - Management Cease Trade Orders
("NP 12-203"). The Company is actively working with its
auditors to complete the Annual Filings as soon as possible and
expects to file them on or before May
5th, 2023. The financings most recently announced
April 25, 2023, are expected to close
after the Annual Filings have been made and the MCTO has been
lifted.
The Company's management is fully committed to working with the
BCSC to address its concerns and regain compliance with regulatory
requirements. "While we regret the inconvenience and disruption
caused by this order, we are fully committed to working with the
BCSC to address its concerns and to complete our financial
statements and related disclosure documents as soon as possible,"
said Robin Birchall, Company
Chairman. "We remain focused on closing our impending financing
subsequent to the filing of these financial statements."
The Company confirms that it intends to satisfy the provisions
of the alternative information guidelines contained in NP 12-203
for so long as it remains in default as a result of the late filing
of the Annual Filings. During the period of default, the Company
will issue bi-weekly default status reports in the form of further
press releases, which will also be filed on SEDAR. The Company
confirms that it is not subject to any insolvency proceedings at
this time and that there is no other material information
concerning its affairs that have not been generally disclosed.
AWALÉ RESOURCES LIMITED
"Robin Birchall"
Robin
Birchall, Non-Executive Chairman and Director
Tel. +31654172357
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company
focused on the discovery of large high-grade gold and copper-gold
deposits. The Company currently undertakes exploration activities
in the underexplored parts of Côte d'Ivoire. Awalé's exploration
success to date has culminated in a fully funded earn-in Joint
Venture with Newmont (the "Newmont JV") covering the Odienné
Project in the Northwest of Côte d'Ivoire, where three significant
gold and gold-copper-silver-molybdenum discoveries have been made.
The Sceptre East and Charger discoveries have significant scope for
growth with future discovery and resource development drilling. The
project has multiple pipeline prospects that follow the same
geochemical fingerprint as Iron Oxide Copper Gold ("IOCG")
and intrusive related targets. The 400km2 of
granted tenure and 400km2 under application remains
underexplored and offers significant upside potential. The Newmont
JV forms a solid foundation for the Company to continue exploring
in a pro-mining jurisdiction that offers significant potential for
district scale discoveries.
Forward–Looking Information
This press release contains forward–looking information within
the meaning of Canadian securities laws (collectively
"forward–looking statements"). Forward–looking statements
are typically identified by words such as: "believe", "expect",
"anticipate", "intend", "estimate", "plans", "postulate" and
similar expressions, or are those, which, by their nature, refer to
future events. All statements that are not statements of historical
fact are forward–looking statements. Forward–looking statements in
this press release include but are not limited to statements
regarding the Company's Annual Filings; the impact of the MCTO on
the Company, its shareholders, directors, officers and securities;
the expected duration of the MCTO; and the expected closing of the
Company's financing. Although the Company believes any
forward–looking statements in this press release are reasonable, it
can give no assurance that the expectations and assumptions in such
statements will prove to be correct.
The Company cautions investors that any forward–looking
statements by the Company are not guarantees of future results or
performance and that actual results may differ materially from
those in forward– looking statements as a result of various
factors, including the potential inability to obtain required
regulatory approvals and satisfy other applicable closing
conditions; possible adverse impacts due the global outbreak of
COVID–19; the Company's inability to generate sufficient cash flow
or raise sufficient additional financing requirements; volatility
in metals prices; the ability of the Company to retain its key
management employees and skilled and experienced personnel;
conflicts of interest; litigation or other administrative
proceedings brought against the Company; actual or alleged breaches
of governance processes or instances of fraud, bribery or
corruption; exploration, development and mining risks and the
inherently dangerous nature of the mining industry, and the risk of
inadequate insurance or inability to obtain insurance to cover
these risks and other risks and uncertainties; property and mineral
title risks including defective title to mineral claims or
property; changes in national and local government legislation,
taxation, controls, regulations and political or economic
developments in Canada and Côte
d'Ivoire; equipment shortages and the ability of the Company to
acquire necessary access rights and infrastructure for its mineral
properties; environmental regulations and the ability to obtain and
maintain necessary permits, including environmental authorizations
and water use licences; extreme competition in the mineral
exploration industry; delays in obtaining, or a failure to obtain,
permits necessary for current or future operations or failures to
comply with the terms of such permits; risks of doing business in
Côte d'Ivoire, including but not limited to, labour, economic and
political instability and potential changes to and failures to
comply with legislation; the Shares may be delisted from the TSX
Venture Exchange if it cannot maintain compliance with the
applicable listing requirements; and other risk factors described
other filings with Canadian securities regulators, which may be
viewed at www.sedar.com . Any forward–looking statement speaks only
as of the date on which it is made and, except as may be required
by applicable securities laws, the Company disclaims any intent or
obligation to update any forward–looking statement, whether because
of new information, future events or results or otherwise.
NEITHER 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 RELEASE.
SOURCE Awale Resources