WINNIPEG, MANITOBA--(Marketwired - May 1, 2017) - Winston Gold Mining Corp. (WGMCF)(CSE:WGC)(WGC.CN) ("Winston Gold" or the "Company") wishes to announce that its annual financial statements for the year ended December 31, 2016, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings") will not be filed by the required filing deadline of May 1, 2017.
Effective October 4, 2016 the Company completed the acquisition (the "Acquisition") of Goldridge Holdings Corp. ("Goldridge") a private BC company owning the past-producing Goldridge Project in Arizona. As the annual financial statements ended December 31, 2016 will be the first consolidated audited financial statements of the Company, the Company requires additional time to complete certain audit and fair market valuation procedures in order to include the financial results of Goldridge in its consolidated 2016 annual audited financial statements.
The Company is working on the audit procedures required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings within the next three weeks. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The Company has applied to the applicable securities regulatory authorities and received a management cease trade order related to the Company's securities to be imposed against the Chief Executive Officer and Chief Financial Officer of the Company to trade securities of the Company. The management cease trade order will be in effect until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or before June 30, 2017.
Until the Annual Financial Filings are filed, the Company intends to provide information in accordance with National Policy 12-203 Management Cease Trade Orders.
The CSE has neither approved nor disapproved the information contained herein.
Caution Regarding Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Winston Gold Mining Corp. (the "Company") expects to occur, are forward looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.