MONTREAL, QB / ACCESSWIRE / December 11, 2015 / Sunset Cove Mining (SSM.V) announces today that it is changing auditors from Morgan LLP of Vancouver, B.C. to Wasserman Ramsay of Markham, ON. The change will be effective for the completion of the audit for the Corporation's 2014 fiscal year by Wasserman Ramsay.
In accordance with National Instrument 51-102 ("NI 51-102"), Sunset Cove Mining sent a Change of Auditor Notice to Morgan and Wasserman Ramsay on October 28th, 2015 and on October 29th, 2015, Sunset Cove Mining received copies of letters from Morgan and Wasserman Ramsay, respectively addressed to the British Columbia and the Alberta Securities Commissions (the "Commissions"), as required by NI 51-102.
A copy of the Change of Auditor Notice, together with a copy of the letters from each of Morgan and Wasserman Ramsay addressed to the Commissions, will be filed under Sunset's profile on SEDAR and delivered to both Morgan and Wasserman Ramsay, all in compliance with NI 51-102.
The management of Sunset Cove has been working on a plan to allow the company to move forward in these challenging times. This plan includes the acquisition of an exploration property, which has been sourced through a Toronto based brokerage firm, which is also interested in financing its development. This is a first step in organizing the finances of the Corporation. Negotiations in this process are on going.
The Corporation intends to apply for partial relief from the cease-trade order so as to have the right to issue shares to certain suppliers to the Corporation who have agreed to settle amounts owning to them in this manner and in order to allow for a flow-through financing where the funds shall be held in trust, in order to allow potential investors to benefit from the tax advantages available with such an investment in the current year.
Until the Corporation completes the filing of the 2014 Annual Audited Financial Statements and the cease-trade order is lifted, Sunset will comply with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Corporation to issue bi-weekly default status reports by way of a news release so long as the 2014 Annual Audited Financial Statements have not been filed.
The Corporation confirms that it is not the object of any proceedings under insolvency legislation and that there are no other material facts not generally disclosed.
About Sunset Cove - Sunset Cove Mining Inc. is a dynamic Canadian junior mineral exploration and development company dedicated to driving shareholder value through the economical acquisition, exploration and development of strategic metals properties in to the point where they become attractive joint venture or acquisition targets. Sunset currently has four properties in its portfolio, the Lac Guéret West and North graphite properties; the La Pause and Lac des Vents Gold properties in Quebec.
Some of the statements contained herein may be forward-looking statements that involve known and unknown risks and uncertainties. Results presented in this press release are exploratory in nature. Historical data, if mentioned, should not be relied upon, as they are not admissible under NI 43-101 rules and the Company has not conducted sufficient testing to verify this type of information. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability, and the uncertainty of access to additional capital. Sunset Cove disclaims any obligation to update any such forward-looking statements.
"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."
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SOURCE: Sunset Cove Mining Inc.