Champion Bear Applies for Management Cease Trade Order
June 15 2020 - 1:05PM
Champion Bear Resources Ltd. (TSXV: CBA-V)
("
Champion Bear" or the
"
Company") announces that it has made an
application to the Alberta Securities Commission (the
"
ASC"), the Company's principal securities
regulator in Canada, under National Policy 12-203 - Management
Cease Trade Orders (the "
Policy") requesting that
a temporary management cease trade order ("
MCTO")
be granted in respect of the anticipated late filing of the annual
financial statements for the year ended December 31, 2019. There is
no guarantee that an MCTO will be granted.
As previously announced on April 29, 2020 and
June 1, 2020, COVID-19 related restrictions and additional time and
funds required by the Company's auditors to complete their audit
review procedures have continued to delay the Company's filing of
its annual financial statements and management's discussion and
analysis for the year ended December 31, 2019. Although the Company
remains confident in its ability to complete its annual filings, it
requires an extension of the June 15, 2020 deadline and has
therefore applied for an MCTO. Champion Bear anticipates that,
subject to current conditions remaining the same, it will require
approximately three weeks from today to complete the audit review
process and in either event will use its best efforts to complete
the process within the next 30 days.
If an MCTO is granted, Champion Bear's directors
and senior officers and other insiders will not be able to trade
the Company's securities while the MCTO is in effect, and the
Company will be required to comply with the provisions of the
alternative information guidelines as set out in the Policy for so
long as the MCTO remains in effect.
Unless and until such time as the Company files
the annual statements, shareholders and potential investors of the
Company are urged to exercise extreme caution when dealing in the
securities of the Corporation. If an MCTO is granted but the
Corporation is unable to file the annual statements prior to the
expiry of the MCTO, it is anticipated that the ASC will issue a
general "failure to file" cease trade order (CTO) prohibiting the
trading by any person of any securities of the Company, including
trades in the Company's common shares made through the TSX Venture
Exchange, which would take effect shortly after the expiry of the
MCTO and would remain in place until such time as the annual
financial statements have been filed. Trading prices and volatility
of the Champion Bear's securities may be negatively affected and
any investment in such securities could suffer a significant
decline or total loss in value. Champion Bear will make further
announcements with respect to the status of the filings as and when
appropriate.
About Champion Bear
Champion Bear is a mineral exploration company
focused exclusively on the historically prospective regions of
Ontario. The Company's primary targets are platinum group metals,
precious metals, and polymetallic base metals deposits. Champion
Bear's aim is to create shareholder value through selective
property acquisition followed by focused exploration emphasizing
drilling. The Company has assembled a large land position in the
Dryden and Sudbury areas, totaling over 16,000 hectares. Additional
information about Champion Bear can be found on the Company's
website at www.championbear.com and on SEDAR at www.sedar.com. For
further information, please contact: Richard D. Kantor, Chairman
and President of Champion Bear at phone: (403) 229-9522.
NEITHER TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES
OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION:
This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation including statements relating to the ability to prepare
and complete the audit for the annual financial statements, the
timing for the filing of the annual financial statements, the
ability to obtain a MCTO and the consequences if a MCTO is not
obtained. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. All statements that address future
plans, activities, events, or developments that the Company
believes, expects or anticipates will or may occur are
forward-looking information, including statements regarding the
potential development of resources and drilling plans which may or
may not occur. Forward-looking statements and information contained
herein are based on certain factors and assumptions regarding,
among other things, the ability to prepare and complete the audit
for the annual financial statements and to obtain a MCTO; the
market price of the Company's securities, metal prices, exchange
rates, taxation, the estimation, timing and amount of future
exploration and development, capital and operating costs, the
availability of financing, the receipt of regulatory approvals,
environmental risks, title disputes, litigation risks, failure of
plant, equipment or processes to operate as anticipated, accidents,
labour disputes, claims and limitations on insurance coverage and
other risks of the mining industry, changes in national and local
government regulation of mining operations, and regulations and
other matters including the COVID-19 pandemic. 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. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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