Champion Bear Reconfirms Delay in Filing Certain Continuous Disclosure Documents
02 June 2020 - 4:53AM
Champion Bear Resources Ltd. (TSXV: CBA-V)
("
Champion Bear" or the
"
Company") announces that further to its April 29,
2020 press release due to circumstances created by the COVID-19
pandemic, it is continuing to rely on Blanket Order 51-517 –
Temporary Exemption from Certain Corporate Finance Requirements of
the Alberta Securities Commission ("
ASC 51-517")
(and similar exemptions provided by the British Columbia and
Ontario Securities Commissions), to postpone the filing of the
certain continuous disclosure documents required by National
Instrument 51-102 – Continuous Disclosure Documents ("
NI
51-102"). Pursuant to ASC 51-517 during the period
from March 23, 2020 to June 1, 2020, a person or company required
to make certain filings as described in ASC 51-517 has an
additional 45 days from the deadline otherwise applicable under
Alberta securities laws to make the filing.
In particular, the Company will be relying on
the temporary exemption pursuant to ASC 51-517 in respect to the
following provisions.
- the requirement to file audited
financial statements for the year ended December 31, 2019 (the
"Annual Financial Statements") within 120 days of
the Company’s financial year end as required by section 4.2(b) of
NI 51-102;
- the requirement to file interim
financial statements for the three month period ended
March 31, 2020 (the "Interim Financial
Statements") within 60 days of the Company’s first quarter
as required by section 4.4(b) of NI 51-102;
- the requirement to file management
discussion and analysis (the "Annual MD&A")
for the period covered by the Annual Financial Statements within
120 days of the Company’s financial year end as required by section
5.1(2) of NI 51-102;
- the requirement to file management
discussion and analysis (the "Interim MD&A")
for the period covered by the Interim Financial Statements within
60 days of the Company’s first quarter as required by section
5.1(2) of NI 51-102;
- the requirement to file
certifications of the Annual Financial Statements (the
"Certificates" and together with the Annual
Financial Statements, the "Annual Filings")
pursuant to section 4.1 of National Instrument 52-109; and
- the requirement to file
certifications of the Interim Financial Statements (the
"Certificates" and together with the Interim
Financial Statements, the "Interim Filings")
pursuant to section 5.1 of National Instrument 52-109.
This press release is being issued pursuant to
the requirement of paragraph 7(b) of ASC 51-517 whereby issuers are
required to issue a news release no later than 30 days from their
original news release if the required continuous disclosure
materials have still not been filed. The Company continues to work
diligently and expeditiously with its auditors and expects to file
the Annual Filings and Annual MD&A on or before June 12, 2020
and the Interim Filings and Interim MD&A on or before July 14,
2020.
In the interim, management and other insiders of
the Company continue to be subject to a trading black-out policy as
described, in principle, in section 9 of National Policy 11- 207 –
Failure to File Cease Trade Orders and Revocations in Multiple
Jurisdictions.
The Company further confirms that since the
filing of its interim consolidated financial statements for the
period ended September 30, 2019, there have been no material
business developments other than those disclosed through Champion
Bear press releases and in particular, the April 22, 2020 press
release relating to the completion of the settlement of an
aggregate of $528,445.97 of outstanding debt to eight creditors of
the Company in exchange for the issuance of an aggregate of
3,522,972 common shares of the Company at a deemed price of $0.15
per share.
About Champion Bear
Champion Bear is a mineral exploration company
focused exclusively on the historically prospective regions of
Ontario. The Company's primary targets are platinum group metals,
precious metals, and polymetallic base metals deposits. Champion
Bear's aim is to create shareholder value through selective
property acquisition followed by focused exploration emphasizing
drilling. The Company has assembled a large land position in the
Dryden and Sudbury areas, totaling over 16,000 hectares. Additional
information about Champion Bear can be found on the Company's
website at www.championbear.com and on SEDAR at www.sedar.com. For
further information, please contact: Richard D. Kantor, Chairman
and President of Champion Bear at phone: (403) 229-9522.
NEITHER TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES
OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION:
This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation including statements relating to the timing for the
filing of the Annual Filings and Annual MD&A and Interim
Filings and Interim MD&A. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking statements. All statements that
address future plans, activities, events, or developments that the
Company believes, expects or anticipates will or may occur are
forward-looking information, including statements regarding the
potential development of resources and drilling plans which may or
may not occur. Forward-looking statements and information contained
herein are based on certain factors and assumptions regarding,
among other things, the ability to complete the Annual Filings and
Annual MD&A and Interim Filings and Interim MD&A; the
market price of the Company's securities, metal prices, exchange
rates, taxation, the estimation, timing and amount of future
exploration and development, capital and operating costs, the
availability of financing, the receipt of regulatory approvals,
environmental risks, title disputes, litigation risks, failure of
plant, equipment or processes to operate as anticipated, accidents,
labour disputes, claims and limitations on insurance coverage and
other risks of the mining industry, changes in national and local
government regulation of mining operations, and regulations and
other matters including the COVID-19 pandemic. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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