VANCOUVER, April 30, 2020 /CNW/ - Boreal Metals Corp.
("Boreal" or the "Company") (TSXV:BMX) announces the
postponement of filing its annual financial statements
("Financial Statements") and its annual management
discussion and analysis ("MD&A") for the year ended
December 31, 2019 due to logistical
delays caused by COVID-19. The Company is relying on the
British Columbia Securities Commission blanket order in BC
Instrument 51-515 Temporary Exemption from Certain Corporate
Finance Requirements (the "Blanket Order").
Recent events pertaining to COVID-19 have impacted the ability
of the Company, its employees and its auditors to rely on timely
information and to prepare the Financial Statements and MD&A.
Under the Blanket Order, a person or company required to make
certain filings during the period from March
23, 2020 to June 1, 2020, as
described in the Blanket Order, is provided with an additional 45
days from the deadline otherwise applicable under British Columbia securities laws to make such
filings.
Pursuant to the Blanket Order, the Company is relying on the
relief therein for the filing of its Financial Statements as
required by subsection 4.2(b) of National Instrument 51-102
Continuous Disclosure Requirements ("NI 51-102") and
the filing of its MD&A as required by subsection 5.1(2) of NI
51-102.
Until the Company has filed and announced the required Financial
Statements and MD&A, all management and other insiders are
subject to the Company's share trading and black-out policy that
reflects the principles in section 9 of National Policy 11-207
Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions.
The Company estimates that the required disclosure required by
British Columbia securities laws
will be filed no later than June 14,
2020. There have been no unreported material business
developments since the Company's last interim financial statements
were filed on November 27, 2019.
About Boreal Metals Corp.
Boreal is a mineral exploration company focused on the discovery
of silver, zinc, copper, and gold deposits in exceptional,
historical mining project areas spanning Sweden and Norway. The Company aims to
discover new economic mineral deposits in known mining districts
that have seen little or no modern exploration. The Company
is led by an experienced management team and technical team, with
successful track records in mineral discovery, mining development
and financing.
On behalf of Boreal Metals Corp.
Patricio Varas, Chief Executive
Officer
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed
"forward‐looking statements". Forward‐looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Although Boreal Metals Corp.
believes the expectations expressed in such forward‐looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, are subject to risks and
uncertainties, and actual results or realities may differ
materially from those in the forward‐looking statements. Such
material risks and uncertainties include, but are not limited to,
Boreal Metals Corp.'s ability to raise sufficient capital to
maintain its mineral tenures and concessions in good standing, to
explore and develop its projects, to repay its debt and for general
working capital purposes; changes in economic conditions or
financial markets; the ability of Boreal Metals Corp. to obtain the
necessary permits and consents required to explore, drill and
develop the projects and if obtained, to obtain such permits and
consents in a timely fashion relative to Boreal Metals Corp.'s
plans and business objectives for the projects; the general ability
of Boreal Metals Corp. to drill test its projects and find mineral
resources; if any mineral resources are discovered or acquired, the
Company's ability to monetize any such mineral resources; and
changes in environmental and other laws or regulations that could
have an impact on the Company's operations. Forward‐looking
statements are based on the reasonable beliefs, estimates and
opinions of Boreal Metals Corp.'s management on the date the
statements are made. Except as required by law, Boreal Metals Corp.
undertakes no obligation to update these forward‐looking statements
in the event that management's beliefs, estimates or opinions, or
other factors, should change.
SOURCE Boreal Metals
