Champion Bear Applies for Management Cease Trade Order
CALGARY, June 15, 2020 - Champion Bear Resources Ltd. (TSXV: CBA-V) ("Champion Bear" or the "Company") announces that it has made an application to the Alberta Securities Commission (the "ASC"), the Company's principal securities regulator in Canada, under National Policy 12-203 - Management Cease Trade Orders (the "Policy") requesting that a temporary management cease trade order ("MCTO") be granted in respect of the anticipated late filing of the annual financial statements for the year ended December 31, 2019. There is no guarantee that an MCTO will be granted.
As previously announced on April 29, 2020 and June 1, 2020, COVID-19 related restrictions and additional time and funds required by the Company's auditors to complete their audit review procedures have continued to delay the Company's filing of its annual financial statements and management's discussion and analysis for the year ended December 31, 2019. Although the Company remains confident in its ability to complete its annual filings, it requires an extension of the June 15, 2020 deadline and has therefore applied for an MCTO. Champion Bear anticipates that, subject to current conditions remaining the same, it will require approximately three weeks from today to complete the audit review process and in either event will use its best efforts to complete the process within the next 30 days.
If an MCTO is granted, Champion Bear's directors and senior officers and other insiders will not be able to trade the Company's securities while the MCTO is in effect, and the Company will be required to comply with the provisions of the alternative information guidelines as set out in the Policy for so long as the MCTO remains in effect.
Unless and until such time as the Company files the annual statements, shareholders and potential investors of the Company are urged to exercise extreme caution when dealing in the securities of the Corporation. If an MCTO is granted but the Corporation is unable to file the annual statements prior to the expiry of the MCTO, it is anticipated that the ASC will issue a general "failure to file" cease trade order (CTO) prohibiting the trading by any person of any securities of the Company, including trades in the Company's common shares made through the TSX Venture Exchange, which would take effect shortly after the expiry of the MCTO and would remain in place until such time as the annual financial statements have been filed. Trading prices and volatility of the Champion Bear's securities may be negatively affected and any investment in such securities could suffer a significant decline or total loss in value. Champion Bear will make further announcements with respect to the status of the filings as and when appropriate.
About Champion Bear
Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The Company's primary targets are platinum group metals, precious metals, and polymetallic base metals deposits. Champion Bear's aim is to create shareholder value through selective property acquisition followed by focused exploration emphasizing drilling. The Company has assembled a large land position in the Dryden and Sudbury areas, totaling over 16,000 hectares. Additional information about Champion Bear can be found on the Company's website at www.championbear.com and on SEDAR at www.sedar.com. For further information, please contact: Richard D. Kantor, Chairman and President of Champion Bear at phone: (403) 229-9522.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation including statements relating to the ability to prepare and complete the audit for the annual financial statements, the timing for the filing of the annual financial statements, the ability to obtain a MCTO and the consequences if a MCTO is not obtained. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the potential development of resources and drilling plans which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the ability to prepare and complete the audit for the annual financial statements and to obtain a MCTO; the market price of the Company's securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, litigation risks, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters including the COVID-19 pandemic. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.