KFG Resources Provides Default Status Report Per National Policy 12-203
NATCHEZ, Miss., Oct. 13, 2020 /CNW/ -- KFG Resources Ltd. ("KFG" or the "Company") is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders ("NP 12-203").
On September 24, 2020, the Company announced (the "Default Announcement") that it made an application to its principal regulator, the British Columbia Securities Commission (the "BCSC"), and other relevant securities regulatory authorities to approve a temporary management cease trade order (the "MCTO") on the basis that the Company would be unable to file its quarterly financial statements for the three months ended July 31, 2020 and its management's discussion and analysis relating thereto (collectively, the "Required Filings") by the filing deadline of September 29, 2020. The application was approved by the BCSC on September 27, 2020 and the MCTO was issued by the BCSC on September 30, 2020. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company until such time as the Required Filings have been filed by the Company and the MCTO has been revoked. The MCTO does not affect the ability of other shareholders of the Company to trade their securities.
The Company confirms that since the date of the Default Announcement: (i) there has been no material change to the information set out in the Default Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed. In addition, the Company confirms that on October 9, 2020 it completed the filing of its annual financial statements, accompanying management's discussion and analysis and reserves data and other oil and gas information for the year ended April 30, 2020.
The Company's management continues to work diligently to expedite the finalization of the Required Filings. The Company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 so long as it remains in default of the requirement to file the Required Filings.
Cautionary statement regarding forward–looking information
This news release contains 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, statements related to when the Company expects to finalize the Required Filings. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while based on management's expectations and considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including those described in the Company's public disclosure documents on SEDAR at www.sedar.com. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Unless required by law, KFG has no intention to and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE KFG Resources Ltd.
Robert A. Kadane, President, Telephone: 940-500-0807, Email: [email protected], http://www.kfgresources.com, http://www.kfgresources.com
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