NATCHEZ, Miss., Sept. 24, 2020 /CNW/ -- KFG Resources Ltd. ("KFG" or the "Company") announces that the filing of its quarterly financial statements for the three months ended July 31, 2020 and its management's discussion and analysis relating thereto (collectively, the "Required Filings") will be delayed beyond the filing deadline of September 29, 2020. The Company expects to file the Required Filings on or before Monday, October 12, 2020.
The Company's late filing of the Required Filings is due to delays in finalizing the Company's annual financial statements, accompanying management's discussion and analysis and reserves data and other oil and gas information for the year ended April 30, 2020, as well as delays and interruptions caused by the COVID-19 pandemic. The Company's management is diligently working to expedite the finalization of the Required Filings.
As a result of this delay, the Company has applied to the British Columbia Securities Commission and other relevant securities regulatory authorities under applicable securities legislation for the issuance of a management cease trade order ("MCTO") in connection with the anticipated filing delay. If an MCTO is granted, it will prohibit the Chief Executive Officer and Chief Financial Officer, and possibly the directors and other insiders of the Company, from trading in securities of the Company for so long as the Required Filings have not been completed.
The issuance of an MCTO would generally not affect the ability of persons who are not, or who have not been, directors, officers or other insiders of the Company to trade in the Company's securities.
In the event an MCTO is granted, the Company intends to satisfy the provisions of the alternative information guidelines under National Policy 12-203 – Management Cease Trade Orders by issuing biweekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.
Cautionary statement regarding forward–looking information
This news release contains 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, statements related to when the Company expects to file the Required Filings and the potential granting of an MCTO. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while based on management's expectations and considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including those described in the Company's public disclosure documents on SEDAR at www.sedar.com. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Unless required by law, KFG has no intention to and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE KFG Resources Ltd.
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