Fortune Minerals Confirms Year-end Filing Delay
01 April 2023 - 12:19PM
Business Wire
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF)
(“Fortune” or the “Company”)
(www.fortuneminerals.com) can now confirm that there will be a
delay filing its audited annual financial statements, management
discussion and analysis, the related officer certificates, and the
Company’s annual information form for the year ended December 31,
2022 (collectively, the “Annual Filings”) by the March 31,
2023 deadline (the “Filing Deadline”).
The audit is in progress and Fortune’s board of directors and
its management are working expeditiously to meet its continuous
disclosure obligations in relation to the Annual Filings as soon as
possible. The auditors have provided an update on their progress
and the Company expects a delay of approximately three weeks for
completion of the audit. Receipt of the audit report is required
for the Company to complete the Annual Filings.
Fortune applied to the Ontario Securities Commission (the
“OSC”) for the issuance of a management cease trade order
(“MCTO”) in connection with the Company's possible delay in
the Annual Filings. However, the OSC determined that it would not
grant the Company’s application because the request was made less
than two weeks prior to the Filing Deadline. As a result, the
Company anticipates that, the OSC will impose a failure to file
cease trade order (“CTO”) pursuant to National Policy
11-207. A CTO would prohibit the trading by any person of any
securities of the Company in Canada, including trades in the
Company's common shares made through the Toronto Stock Exchange.
Once issued, the CTO will remain in place until such time as the
Annual Filings are completed by the Company.
Fortune has the necessary resources to remedy the default and
will comply with the alternative information guidelines set out in
NP 12-203, including issuing bi-weekly default status reports by
way of news releases, which will be filed on SEDAR. Fortune
confirms that there are no insolvency proceedings against it and
there is no other material information concerning the affairs of
the Company that has not been generally disclosed.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the
NICO Project in the Northwest Territories and Alberta. Fortune also
owns the satellite Sue-Dianne copper-silver-gold deposit located 25
km north of the NICO Deposit and is a potential future source of
incremental mill feed to extend the life of the NICO mill and
concentrator.
Follow Fortune Minerals:
Click here to subscribe to Fortune’s email list. Click here to
follow Fortune on LinkedIn. @FortuneMineral on Twitter.
This press release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities legislation. This forward-looking information includes
statements with respect to, among other things, completion of the
Annual Filings and the related audit process. Forward-looking
information is based on the opinions and estimates of management as
well as certain assumptions at the date the information is given
including, in respect of the forward-looking information contained
in this press release, assumptions regarding the ability of the
auditors to complete the audit process in time. However, such
forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. These factors include the risks that
the COVID-19 pandemic or global or local geopolitical situations
may interfere with the auditor’s ability to compete the audit in
time and with the Company’s ability to file the Annual Filings.
Readers are cautioned to not place undue reliance on
forward-looking information because it is possible that
predictions, forecasts, projections, and other forms of
forward-looking information will not be achieved by the Company.
The forward-looking information contained herein is made as of the
date hereof and the Company assumes no responsibility to update or
revise it to reflect new events or circumstances, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230331005493/en/
Fortune Minerals Limited Troy Nazarewicz Investor
Relations Manager info@fortuneminerals.com Tel: (519) 858-8188
www.fortuneminerals.com
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