Trading Symbols: "EGD:TSX.V | EGDFF:US"
VANCOUVER, Oct. 16, 2019 /CNW/ - Energold Drilling Corp.
("Energold" or the "Company") announces that on
October 3, 2019, the British Columbia
Securities Commission issued a cease trade order against the
Company (the "CTO") in connection with the delay in filing
its interim financial statements for the three months ended
June 30, 2019, including the related
management discussion and analysis. The NEX board of the TSX
Venture Exchange has suspended trading of the Company's securities
on the NEX board of the TSX Venture Exchange.
Energold also announces that on October
10, 2019, the Company and related companies obtained an
order from the Supreme Court of British
Columbia (the "Court") extending the relief obtained
under an initial order previously granted by the Court on
September 13, 2019, including the
Court-ordered stay of proceedings under the CCAA Proceeding, up to
and including November 29, 2019.
Energold also announces that Frederick
W. Davidson, Mark Corra and
James Coleman have each resigned
from its board of directors as of October 7,
2019, October 9, 2019 and
October 11, 2019, respectively.
Energold thanks Mr. Davidson, Mr. Corra and Mr. Coleman for their
service and dedication. As of October 11,
2019, the Company has no directors. Mark Berger continues to act as the Chief
Restructuring Officer of the Company.
The Company reports that since its news release of October 2, 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.
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 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.