Abcourt’s Management Cease Trade Order
27 October 2023 - 11:00PM
Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) announces that
it has applied to the Autorité des marchés financiers (Québec)
(the “
AMF”), as principal regulator of the
Corporation, and expects to be granted a management cease trade
order (“
MCTO”) on October 31, 2023 pursuant to
Policy Statement 12-203 Respecting Management Cease Trade
Orders (“
PS 12-203”). Under the MCTO, the
Corporation’s Chief Executive Officer (CEO), Chief Financial
Officer (CFO) and directors will not be permitted to trade in
securities of the Corporation until such time as the Corporation
files its audited consolidated financial statements, its
management’s discussion and analysis as well as the CEO and CFO
certificates, for the year ended June 30, 2023
(the “
Required Documents”), which were to be
filed on October 30, 2023.
The MCTO will not affect the ability of
shareholders to trade their securities. The Corporation expects to
file the Required Documents as soon as they are available, but in
any event no later than November 15, 2023.
Until the Required Documents have been filed and
the MCTO has been revoked, the Corporation intends to continue to
satisfy the provisions of the alternative information guidelines
specified in PS 12-203 by issuing default status reports in
the form of further press releases every two weeks.
Reasons for the Default and Plans for
Remedying the Default
Due to the acquisition of the shares of
Pershimex Resources Corporation (“Pershimex”) in
May 2023, the Corporation must consolidate Pershimex’s financial
statements in its own audited financial statements for the year
ended June 30, 2023.
Although the Corporation’s auditors undertook
the audit of the Corporation’s financial statements for the year
ended June 30, 2023, they have been unable to complete their work
as of the date hereof and anticipate being able to do so during the
week of October 30th, 2023.
Abcourt has identified and organized all the
documentation required to enable its auditors to proceed with the
audit. The Corporation’s Audit Committee requested that the
auditors review the documentation in order to issue a report on the
financial statements and a management’s discussion and analysis.
The auditors have notified Abcourt of their availability to carry
out the audit and audit the financial statements as soon as
possible.
The Corporation’s CFO and financial services
personnel have made it a priority to prepare the audit file and a
first draft of the financial statements and management’s discussion
and analysis for the week of October 30th, 2023. Once this work is
complete and the audit report is sent to the auditors, the auditors
will finalize the audit. The Corporation’s Audit Committee will
review the financial statements and management’s discussion and
analysis and submit them to the Corporation’s board of directors
for approval.
The Corporation’s board of directors will
approve same, subject to any corrections or amendments put forward
by the Corporation’s officers and directors. The Corporation’s will
then file the Required Documents with the securities
regulators.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian exploration
corporation with strategically located properties in northwestern
Québec, Canada. Abcourt owns the Sleeping Giant mill and mine where
it concentrates its activities.
For further information, please visit our
website at www.abcourt.ca and consult our filings under Abcourt's
profile on www.sedarplus.ca or contact:
Pascal HamelinPresident and CEOT:
(819) 768-2857E: phamelin@abcourt.com |
Dany Cenac Robert, Investor
RelationsReseau ProMarket Inc.,T: (514)
722-2276, post 456E: dany.cenac-robert@reseaupromarket.com |
Cautionary Statement on Forward-Looking
Information
This news release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Such forward-looking information
includes, but is not limited to, statements concerning the timing,
review, completion and filing of the Required Documents as well as
the duration of the MCTO. Forward-looking information involves
risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, delays in obtaining or failures to obtain required
approvals; uncertainties relating to the availability and costs of
financing needed in the future; changes in equity markets;
inflation; fluctuations in commodity prices; delays in the
development of projects; other risks involved in the mineral
exploration and development industry; and those risks set out in
the Corporation’s public documents filed on SEDAR+ at
www.sedarplus.ca. Although the Corporation believes that the
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Corporation disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither the 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 news release.
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