TORONTO, ONTARIO--(Marketwired - Sep 19, 2013) - Strike Minerals Inc. (TSX VENTURE:STK) ("Strike" or the "Company") announces that it has been granted a Temporary Management Cease Trade Order (the "Temporary MCTO") by its principal regulator, the Ontario Securities Commission. As previously announced on August 30, 2013, a MCTO was made by the Company in respect of the late filing of the Company's its annual financial statements, accompanying Management's Discussion and Analysis and related CEO and CFO certifications of annual filings for the financial year ended April 30, 2013 (collectively, the "Required Filings ").
The Temporary MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer, the Chief Financial Officer and the directors of the Company, until such time as the Required Filings have been filed by the Company. All other parties are permitted to freely trade in the Company's securities. The OSC has given notice of a hearing to be held on October 1, 2013 for the purposes of making the Temporary MCTO permanent if the Company has not remedied the default in the filing the Required Filings.
As previously announced, the Company was not in a position to timely file its Required Filings, primarily as a result of additional time required to secure financing, and subsequently for its auditors to complete the audit of the Company's annual financial statements. The Company's board of directors and its management confirm that they are working expeditiously with the Company's auditors to meet the Company's obligations relating to the filing of the Required Filings, and the Company continues to expect to file the Required Filings on or before October 28, 2013.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under Section 4.4 of National Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults, for so long as it remains in default, by issuing bi-weekly default status reports in the form of further news releases, which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this news release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Strike, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, ability to raise funds, dependence upon regulatory approval. There is no assurance that the company's exploration projects will add to Strike's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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 release.