Prairie Provident Resources Announces Delay in Second Quarter 2023 Interim Filings
15 August 2023 - 11:32AM
Prairie Provident Resources Inc. (TSX:PPR) ("Prairie Provident" or
the "Company") announces today a delay in the filing of its interim
financial report for the interim period ended June 30, 2023 and
related management's discussion and analysis and management
certifications for the same period (collectively, the "Q2 Filings")
past today's deadline as prescribed under Canadian securities laws.
The delay and corresponding filing default is expected to be
relatively brief, as the Company anticipates completing the Q2
Filings on or before August 22, 2023.
The delay arises from the transitional effect of
a temporary staffing shortage arising approximately four weeks ago,
which has since been addressed but compromised the timetable for
Prairie Provident to finalize the Q2 Filings, and for its auditor
to complete their review procedures, by today's prescribed
deadline. The Company is working diligently and expeditiously to
complete the Q2 Filings and interim review as soon as practicable,
and has devoted all necessary resources to do so by August 22,
2023.
The Company has informed staff of the Alberta
Securities Commission ("ASC") about the anticipated delay and
filing default, and has applied to the ASC for a temporary
'management cease trade order' ("MCTO") pursuant to National Policy
12-203 – Management Cease Trade Orders ("NP 12-203") pending
completion of the Q2 Filings. If an MCTO is issued, Prairie
Provident will satisfy the alternative information guidelines set
out in NP 12-203, including by issuing bi-weekly default status
reports in form of further news releases, until the Q2 Filings are
completed. An MCTO would prohibit trading in securities of the
Company by certain insiders, but would not generally restrict
persons who are not directors, officers or insiders of the Company
from trading in Prairie Provident securities.
Whether or not an MCTO is issued, the quarterly
'blackout' under the Company's corporate disclosure and trading
policy remains in effect and continues to restrict any trading by
directors, officers and other insiders of the Company until after
the Q2 Filings are completed.
In accordance with NP 12-203, Prairie
Provident confirms that there is no insolvency proceeding to which
it is subject, and no other material information concerning its
affairs that has not been generally disclosed as required under
applicable securities regulatory requirements.
ABOUT PRAIRIE PROVIDENT:
Prairie Provident is a Calgary-based company
engaged in the exploration, development and production of its low
decline, long life oil reserves in Alberta. The Company is
currently producing oil and gas in western Canada with significant
growth opportunities from a deep inventory of low-risk horizontal
drilling locations and waterflood potential.
For further information, please
contact:
Prairie Provident Resources Inc.Patrick R.
McDonaldChairman and Interim Chief Executive OfficerTel: (403)
292-8150Email: investor@ppr.ca
Forward-Looking Statements
This news release contains certain statements
("forward-looking statements") that constitute forward-looking
information within the meaning of applicable Canadian securities
laws. Forward-looking statements relate to future performance,
events or circumstances, are based upon internal assumptions,
plans, intentions, expectations and beliefs, and are subject to
risks and uncertainties that may cause actual results, events or
circumstances to differ materially from those indicated or
suggested in the forward-looking statements. All statements other
than statements of current or historical fact constitute
forward-looking statements.
Without limiting the foregoing, this news
release contains forward-looking statements pertaining to: Prairie
Provident's expectation that it will be complete the Q2 Filings on
or before August 22, 2023; and compliance with the alternative
information guidelines set out in NP 12-203 following issuance of
an MCTO.
Forward-looking statements are based on a number
of material factors, expectations or assumptions of Prairie
Provident, which may prove to be incorrect. Although the Company
believes that the expectations and assumptions reflected in such
forward-looking statements are reasonable, undue reliance should
not be placed on forward-looking statements, which are inherently
uncertain and depend upon the accuracy of such expectations and
assumptions. Prairie Provident can give no assurance that the
forward-looking statements contained herein will prove to be
correct or that the expectations and assumptions upon which they
are based will occur or be realized.
In particular, the Company can give no assurance
that its application for an MCTO will be granted. If an MCTO is not
granted, the ASC and other applicable Canadian securities
regulatory authorities could choose to instead issue a broader
'failure-to-file' cease trade order in accordance with National
Policy 12-307 (Failure-to-File Cease Trade Orders and Revocations
in Multiple Jurisdictions) of the Canadian Securities
Administrators, which would prohibit any direct or indirect trading
in securities of Prairie Provident for so long as it remains in
effect, in all Canadian jurisdictions in which the Company is a
reporting issuer as well as certain other Canadian jurisdictions
based on the provisions of local securities legislation, and would
remain in effect until after the Q2 Filings have been completed.
Such an order, if issued, would result in a suspension of the
Company's common shares from trading on the Toronto Stock Exchange
until the order is revoked and all applicable TSX requirements for
resumed trading are satisfied.
The forward-looking statements contained in this
news release speak only as of the date of this news release, and
Prairie Provident assumes no obligation to publicly update or
revise them to reflect new events or circumstances, or otherwise,
except as may be required pursuant to applicable laws. All
forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
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