Oremex Silver Inc. Delayed in Filing Annual Financial Statements and Seeks Management Cease Trade Order
02 April 2014 - 7:46AM
Marketwired
Oremex Silver Inc. Delayed in Filing Annual Financial Statements
and Seeks Management Cease Trade Order
TORONTO, ONTARIO--(Marketwired - Apr 1, 2014) - Oremex Silver
Inc. (TSX-VENTURE:OAG) ("Oremex" or the "Company") announced today
that its audited financial statements, CEO and CFO certifications,
and management discussion & analysis (the "Annual Filings") for
the year ended November 30, 2013 were not released as scheduled on
March 30, 2014. It is now anticipated that the release will occur
no later than May 30, 2014.
The Company has been unable to meet the filing deadline as a
result of the recent proxy contest initiated by two concerned
shareholders of the Company that resulted in a replacement of the
entire board of directors of the Company effective on December 31,
2013. Since that date, the board of directors has been working
diligently to obtain and review all of the financial records of the
Company, in addition to the operations and state of affairs of the
Company generally. The board of directors has also spent
considerable effort compiling the financial records of the Company
in preparation of the Annual Filings. It was hoped that the Annual
Filings would be completed and filed prior to the deadline, but due
to the time involved in transitioning management, auditors were not
able to complete the audit within the prescribed timeframe and the
Company was not in a position to meet the March 30, 2013 deadline
for filing the Annual Filings.
As a result of the delay, the Company has voluntarily requested
that the Securities Commissions in British Columbia and Alberta and
issue a temporary order that prohibits certain current directors,
officers and insiders of Oremex from trading in securities of
Oremex for so long as the Annual Filings are not filed. The
issuance of such management cease trade order generally does not
affect the ability of persons who have not been directors, officers
or insiders of the issuer to trade in their securities. Oremex
intends to provide updates in accordance with National Policy
12-203 - Cease Trade Orders for Continuous Disclosure
Defaults with respect to further developments in respect of
this matter promptly following their occurrence, including the
issuance of bi-weekly status update reports until such time as
Annual Filings are completed.
About Oremex
Oremex is a Canadian company focusing on the exploration and
development of silver projects along a highly productive
mineralized belt in Mexico. The Company has a portfolio of silver
projects including a mineral resource of 50.8 million ounces of
silver at its Tejamen deposit.
Forward-Looking Statements
Forward-Looking Statements: The above contains forward-looking
statements that are subject to a number of known and unknown risks,
uncertainties and other factors that may cause actual results to
differ materially from those anticipated in our forward-looking
statements. Factors that could cause such differences include:
changes in world commodity markets, equity markets, costs and
supply of materials relevant to the mining industry, change in
government and changes to regulations affecting the mining
industry. Forward-looking statements in this release include
statements regarding future exploration programs, operation plans,
geological interpretations, mineral tenure issues and mineral
recovery processes. Although we believe the expectations reflected
in our forward-looking statements are reasonable, results may vary,
and we cannot guarantee future results, levels of activity,
performance or achievements.
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.
Oremex Silver Inc.Allan FolkDirectorAfolk.bb@gmail.com
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