TORONTO, Oct. 13 /CNW/ - Coalcorp Mining Inc. (NEX-CCJ) ("Coalcorp") announces that staff of the Ontario Securities Commission ("OSC") has issued a cease trade order (the "Order") against Coalcorp for failure to file its audited annual financial statements, the related management's discussion and analysis ("MD&A"), its annual information form, each for the year ended June 30, 2010, (and the certification of the foregoing filings) within 90 days after the completion of Coalcorp's financial year end, as is required for non-venture issuers.
As previously disclosed, Coalcorp's securities were delisted from the Toronto Stock Exchange ("TSX") on August 16, 2010 due to Coalcorp's inability to meet the continued listing requirements of the TSX. Coalcorp's common shares and warrants are now listed on NEX. Accordingly, Coalcorp is classified as a "venture issuer" under National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102") for the purposes of its continuous disclosure obligations. Reporting issuers that are "venture issuers" at the applicable time are not required to file an annual information form and are required to file annual financial statements and the related MD&A within 120 days after the end of the relevant financial year (as compared to the 90-day period afforded to non-venture issuers). Coalcorp has been preparing its financial statements and related MD&A for filing within 120 days of its most recent June 30, 2010 financial year end, as required for venture issuers. However, Coalcorp's securities were listed on the TSX as at June 30, 2010 and, as such, Coalcorp was not a venture issuer at the applicable time pursuant to NI 51-102. As a result, Coalcorp was required to complete such filings within 90 days after year-end. In the future and for such period as Coalcorp is listed on NEX, Coalcorp will be subject to the longer time period within which to make such filings.
The Order follows the temporary cease trade order issued against Coalcorp on September 29, 2010, as previously disclosed, and provides that all trading in the securities of Coalcorp, whether direct or indirect, must cease until the Order is revoked. Coalcorp is working to file its annual financial statements, related MD&A and annual information form as soon as possible. Coalcorp intends to apply to have the Order revoked as soon as such documents have been filed.
Forward Looking Statements Disclaimer
Forward Looking Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Such statements can typically be identified by terminology such as ''may'', ''will'', ''could'', ''should'', ''expect'', ''plan'', ''anticipate'', ''believe'', ''intend'', ''possible'', ''continue'', "objective" or other similar expressions concerning matters that are not historical facts. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Coalcorp does not undertake to update any forward-looking statements; such statements speak only as of the date made.
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.
For further information:
Steven Cresswell
Interim Chief Executive Officer
416-644-1217
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