Champion Bear Provides Default Status Report for Management Cease Trade Order
July 02 2020 - 8:10PM
Champion Bear Resources Ltd. (TSXV: CBA-V)
("
Champion Bear" or the
"
Company") announces that that it has been granted
a management cease trade order ("
MCTO") by the
Alberta Securities Commission (the "
ASC"), the
Company's principal securities regulator in Canada, pursuant to
National Policy 12-203 - Management Cease Trade Orders ("
NP
12-203") in respect of the late filing of its annual
financial statements and management’s discussion and analysis (the
"
Annual Financial Statements") for the year ended
December 31, 2019. The MCTO will be in effect until July 15, 2020.
The Company anticipates that, subject to current conditions
remaining the same, it will be able to complete the audit review
process and that it will use its best efforts to complete the
filing of the Annual Financial Statements on or before July 15,
2020.
Champion Bear also confirms that there have not
been any material business developments relating to the Company
since its last news release issued on June 15, 2020 relating to the
application for the MCTO and the new release issued on June 26,
2020 relating to the change of the Company's auditors from KPMG LLP
to BDO Canada LLP.
The Company's directors and senior officers and
other insiders will not be able to trade in Champion Bear
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 NP 12-203 for so long as the
MCTO remains in effect, including the issuance of bi-weekly default
status reports by way of press releases.
Unless and until such time as the Company files
the Annual Financial Statements, shareholders and potential
investors of the Company are urged to exercise extreme caution when
dealing in the securities of the Company. If the Company is unable
to file its Annual Financial Statements prior to the expiry of the
MCTO, it is anticipated that the ASC will issue a general "failure
to file" cease trade order 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 Company's
securities may be negatively affected and any investment in such
securities could suffer a significant decline or total loss in
value. The Company 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 completion of the audit review and the filing of the
Annual Financial Statements. 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; 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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