Tawsho Mining Inc. Provides Update on Delay in Filing of Audited Financial Statements Pursuant to Management Cease Trade Order
TORONTO, ONTARIO--(Marketwired - May 15, 2015) - Further to its news release dated May 4, 2015, Tawsho Mining Inc. (TSX VENTURE:TAW) ("Tawsho" or the "Corporation") provides its bi-weekly update on the status of the delay in filing of its annual audited financial statements, and its related management, discussion and analysis, Chief Executive Officer and Chief Financial Officer certifications, and Ontario Form 13-502F1 relating to the Class 1 Reporting Issuer Participation fee, for the year ended December 31, 2014 (the "Required Filings") which were due to be filed by April 30, 2015.
The Corporation's Chief Executive Officer and Chief Financial Officer have been subject to a temporary management cease trade order granted by the Ontario Securities Commission ("OSC") on May 4, 2015. The Corporation announces that the OSC has now issued a permanent management cease trade order effective today which replaces the temporary management cease trade order. The permanent cease trade order will be in effect until the earlier of two full business days following receipt by the OSC of all Required Filings or further order of the Director of the OSC. The Corporation confirms that: (i) there is no material change to the information set out in its initial application for a management cease trade order; (ii) it intends to file Required Filings with the time permitted by the OSC; and (iii) there is no other material information concerning the affairs of the Corporation known to management that has not been generally disclosed.
The Corporation's auditor is now in the process of the audit work review for the Required Filings. The Corporation anticipates, pursuant to discussions with the auditor, that the annual audited financial statements will be completed on or about June 5, 2015. There are no known outstanding material issues of concern to management that have been communicated by the auditor to management, as of this update period.
The Corporation confirms that it intends to satisfy the provisions of the alternative information guidelines described in section 4.3 and 4.4 of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults, for so long as it remains in default of the requirement to file the Required Filings.
ABOUT TAWSHO MINING INC.
Tawsho is a mining exploration company focused on the acquisition, exploration and development of gold resources and advanced stage gold exploration Properties. The Corporation is presently developing its Chevrier Gold Property (comprised of 557 claims, covering an area of 9542 hectares, or 95.4 sq. km) located in the Chibougamau region of Quebec. Tawsho currently has approximately 34.7 million common shares issued and outstanding.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as a term that is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
