Trading Symbols: "EGD:TSX.V | EGDFF:US"
VANCOUVER, Sept. 17, 2019 /CNW/ - Energold Drilling
Corp. ("Energold" or the "Company") is providing this
bi-weekly default status report in accordance with National Policy
12-203 – Management Cease Trade Orders ("NP
12-203").
On August 29, 2019, the Company
announced that its interim financial statements for the three
months ended June 30, 2019, including
the related management discussion and analysis (collectively, the
"Required Filings") were not filed by the required filing
deadline of August 29, 2019 (the
"Filing Deadline").
As previously reported on September 16,
2019, Energold is currently involved in proceedings under
the Companies' Creditors Arrangement Act (the "CCAA
Proceeding"). Energold is required to file bi-weekly default
status reports in accordance with NP 12-203 until such time that
the CCAA Proceeding is concluded or until the default in making the
Required Filings is remedied.
Energold announces today that effective at the opening of
trading on Thursday, September 19,
2019, the listing of common shares in the capital of the
Company (the "Common Shares") will be transferred from Tier
1 of the TSX Venture Exchange ("TSXV") to the NEX board of
the TSXV (the "NEX"). Energold's trading symbol will change
from "EGD" to "EGD.H". There will be no change in Energold's name,
no change in its CUSIP number and no consolidation of capital. As
of Thursday, September 19, 2019, the
Company will be subject to restrictions on share issuances and
certain types of payments as set out in the NEX policies. The
Company confirms that it currently has three directors:
Frederick W. Davidson, James Coleman and Mark
Corra.
The Company reports that since its news release of September 16, 2019, there have been no material
changes, other than as disclosed herein, regarding the information
contained in that news release. Further, there is no other material
information concerning the affairs of the Company that has not been
generally disclosed. The Company confirms that, since its news
release of September 16, 2019, there
have been no failures by it in fulfilling its stated intentions
with respect to satisfying the provisions of the alternative
information guidelines under NP 12-203, and the Company intends to
file the Required Filings as soon as possible.
ABOUT ENERGOLD DRILLING
Energold is a leading global specialty drilling company that
services the mining, energy, infrastructure, geothermal, water and
manufacturing sectors in 25 countries. Specializing in a socially
and environmentally sensitive approach to drilling, Energold
provides a comprehensive range of drilling services from
early-stage exploration to onsite operations.
On behalf of the Directors of Energold Drilling Corp.,
"Frederick W. Davidson"
President, CEO
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:
Some statements in this news release contain forward-looking
information. These statements include, but are not limited to,
statements regarding the uncertainty involved in the timing of the
completion of the Required Filings, the transfer of the listing to
the NEX and the restrictions on share transfers and payments that
the Company will be subject to under the NEX policies. These
statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors
(including steps taken by regulatory authorities) which may cause
the actual results, performance, achievements or events to be
materially different from any future results, performance,
achievements or events expressed or implied by the statements. Such
factors include, among others, the liquidity of the Common Shares
due to the transfer of the Company's listing to the NEX, the
effects of general economic conditions, a reduction in the demand
for the Company's drilling services, the price of commodities,
changing foreign exchange rates, actions by government authorities,
the failure to find economically viable acquisition targets, title
matters, environmental matters, reliance on key personnel, the
ability for operational and other reasons to complete proposed
activities and work programs, the need for additional financing,
the timing and amount of expenditures, and other factors which are
described in the Company's management discussion and analysis and
other filings with Canadian regulatory authorities. These
statements are based on the current assumptions and expectations of
the Company's management, and are expressly qualified in their
entirety by this cautionary notice. Although the Company believes
that such statements are reasonable, the associated risks and
uncertainties may cause actual results to differ from current
assumptions and expectations, and there can be no assurance that
such forward-looking statements will prove to be accurate. Except
as required by law, Energold does not assume the obligation to
update any forward-looking statement.
SOURCE Energold Drilling Group