Tawsho Mining Inc. Makes Application for Management Cease Trade Order
17.04.2015 | Marketwire
TORONTO, Apr 17, 2015 - Tawsho Mining Inc. (TSX VENTURE:TAW) ("Tawsho" or the "Corporation") announces that it is anticipating a delay in filing its 2014 annual audited financial statements, and its related Management's Discussion and Analysis, Chief Executive Officer and Chief Financial Officer certifications, and Ontario's Form 13-502F1 relating to Class 1 Reporting Issuer Participation fee (collectively, the "Required Filings"), which are required to be filed on or before April 30, 2015.In connection with the anticipated delay to file the Required Filings by April 30, 2015, the Corporation has applied to applicable Canadian securities regulators requesting that a voluntary management cease trade order ("MCTO"), which restricts trading in the Corporation's securities by the Corporation's insiders, including the CEO and CFO, as opposed to an issuer cease trade order, which restricts all trading in the Corporation's securities.
Tawsho and its auditor are in the process of completing the associated audit work, review and the Required Filings. The Corporation anticipates that they will be completed on or before May 30, 2015.
Circumstances Related to the Anticipated Delay
The delay in completing the Required Filings is attributable to additional time and efforts spent securing an injection of working funds for Tawsho to undertake an audit of its financial statements. The Corporation will be working diligently with its auditor to remedy the situation in advance of the deadline, however, it has concluded that its auditor will not be able to complete the audit within the allotted timeframe and the Required Filings cannot be made by the filing deadline.
If granted, the MCTO restricts all trading in securities of the Corporation, whether direct or indirect, by management of the Corporation. The MCTO will be in effect until the Required Filings are filed or until it is revoked or varied.
The Corporation confirms that it intends to satisfy the provisions of the alternative information guidelines described in section 4.3 and 4.4 of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults, for so long as it remains in default of the requirement to file the Required Filings on or before April 30, 2015.
Tawsho has not taken any steps towards any insolvency proceeding and the Corporation has no material information to release to the public.
ABOUT TAWSHO MINING INC.
Tawsho is a mining exploration company focused on the acquisition, exploration and development of gold resources and advanced stage gold exploration Properties. The Corporation is presently developing its Chevrier Gold Property (comprised of 557 claims, covering an area of 9542 hectares, or 95.4 sq. km) located in the Chibougamau region of Quebec. Tawsho currently has approximately 31.5 million common shares issued and outstanding.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as a term that is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contact
Tawsho Mining Inc.
Mr. Stephen Balch, President and CEO
(905) 407-9586
sbalch@tawshomining.com