Trading Symbols: "EGD:TSX.V | EGDFF:US"
VANCOUVER, Oct. 2, 2019 /CNW/ - Energold Drilling Corp.
("Energold" or the "Company") is providing this
second 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.
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 that, in connection with the CCAA Proceeding
and in an effort to streamline operations and reduce costs,
Jerry C. Huang is no longer the
Chief Financial Officer of the Company and Frederick W. Davidson is no longer the Chief
Executive Officer of the Company, effective October 1, 2019. Energold thanks Mr. Huang
and Mr. Davidson for their service and dedication. Effective
October 1, 2019, the remaining
directors of the Company are James
Coleman, Mark Corra and
Frederick Davidson.
The Company reports that since its news release of September 18, 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 18, 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 and water
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.,
"Mark Berger"
Chief Restructuring 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:
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. 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 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 Corp.