Vancouver, British Columbia--(Newsfile Corp. - June 19, 2020) - Further to its news release of April 30, 2020, Teldar Resources Corp. (the "Company") announces that it has been unable to meet its filing deadlines in respect of the following filings:
its audited annual financial statements for the year ended December 31, 2019, together with the annual management's discussion and analysis for the corresponding period and management certifications of annual filings (the "Annual Filings"); and
its interim financial statements and accompanying management's discussion and analysis for the three (3) month period ending March 31, 2020 (the "Interim Filings" and together with the Annual Filings, the "Filings").
The Annual Filings were required to be filed by April 29, 2020 pursuant to National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102") and the Interim Filings were required to be filed by June 1, 2020 pursuant to NI 51-12 (collectively, the "Filing Deadlines").
As announced April 30, 2020, the Company anticipated that due to the circumstances created by the novel coronavirus ("Covid-19"), there would be a delay in completing the Filings and, in reliance on BC Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements, the Annual Filings would be made by June 12, 2020 and the Interim Filings by July 13, 2020. The Company subsequently has been unable to complete the Annual Filings due to continued delays caused by circumstances created by Covid-19 and changes in management of the Company, which have collectively increased the time required for the Company and its auditors to collect, prepare and review the financial reporting required for the Annual Filings.
The Company is working to complete the Filings at its earliest opportunity. The Company confirms that since each of the Filing Deadlines, the Company's management and other insiders have been, and continue to be, subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Trade Orders and Revocations in Multiple Jurisdictions.
There have been no material business developments since the date of the last interim financial statements, filed on November 29, 2019; however, the Company has issued news releases on April 30, 2020, copies of which are available on SEDAR at www.sedar.com.
The Company is currently on the Defaulting Issuer List maintained by the British Columbia Securities Commission ("BCSC") because it failed to file the Annual Filings and the accompanying fees. The Company expects that the BCSC will issue a cease trade order in respect of the Company on or about June 19, 2020 as a result of the Company's failure to file the Annual Filings and the accompanying fees.
On behalf of the Board of Directors of Teldar Resources Corp.
For more information, please contact Joseph Maskell at firstname.lastname@example.org
This press release contains "forward-looking information" within the meaning of Canadian securities laws that involve various risks and uncertainties regarding future events, including, but not limited to, statements regarding the timing of completing the Filings. Such information is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs and views of future events.
The forward-looking information is only predictions and involves known and unknown risks which may cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: risks that the consequences associated with Covid-19 will result in additional delays in the preparation of the Filings and other factors beyond the Company's control. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it cannot guarantee future results, levels of activity or performance. Further, any forward-looking information speaks only as of the date on which such statement is made and, except as required by applicable law, the Company undertakes no obligation to update any forward-looking information to reflect events or circumstances after the date on which such information is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of such factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.
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