St-Georges Eco-Mining Corp. Provides Bi-Weekly Update to Management Cease Trade Order
Montréal, July 4, 2021 - St-Georges Eco-Mining Corp. (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is providing an update to its previously disclosed management cease trade order, 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, collectively, the "Annual Financial Filings", 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 awaiting the finalization of ZeU's Annual Financial Filings to be able to file its own Annual Financials. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The MCTO is to be in effect until the Annual Financial Filings are filed.
In granting the initial MCTO the regulators did require that the Annual Financial Filings be filed on or before July 2, 2021.
The Company legal advisors will be in contact with the different regulatory agencies that are involved in this process and monitor the situation to know if a formal extension of the deadline is required. The Company will have to file its first quarter Interim Financial Statements within days of the dissemination of its Annual Financial Statements on SEDAR.
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, Director &COO
A bout St-Georges
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