St-Georges Eco-Mining Corp.: Provides Bi-Weekly Update to Management Cease Trade Order
Montréal, May 17, 2021 - St-Georges Eco-Mining Corp. (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is providing a bi-weekly update to its previously disclosed management cease trade order as required by regulations. The MCTO was announced on May 3, 2021, in respect of the audited annual financial statements and corresponding management's discussion and analysis for the year ended December 31, 2020, including the related CEO and CFO certifications that were not filed by the required filing deadline of April 30, 2021. The Annual Financial Filings were not filed on or before the Filing Deadline due to the delay in the completion of the year-end audit of ZeU Technologies, Inc. ("ZeU"), a corporation in which the Company has a substantial interest. The Company owns approximately 29.59% of the issued and outstanding common shares of ZeU. As a result, the Company will need more time to complete its consolidated financial statements.
The Company is working on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings by May 28, 2021. 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 ("MCTO") imposed against the Chief Executive Officer, Mr. Herb Duerr and Chief Financial Officer, Mr. Richard Barnett, of the Company precluding them from trading securities of the Company.
No other shareholders other than the two officers mentioned will be affected by the MCTO order.
The MCTO will be in effect until the Annual Financial Filings are filed and requires that the Annual Financial Filings be filed on or before July 2, 2021.
Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
ON BEHALF OF THE BOARD OF DIRECTORS
" Frank Dumas"
FRANCOIS (FRANK) DUMAS
COO & DIRECTOR
About St-Georges
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