Crest Resources Inc. Announces Temporary Mangement Cease Trade Order
Vancouver, September 29, 2022 - Crest Resources Inc. (CSE:CRES) (the "Company" or "Crest") announces that it has requested a temporary Management Cease Trade Order ("MCTO") from the British Columbia Securities Commission ("BCSC") in connection with the Company's filing of its audited annual financial statements (the "Audited Financial Statements") and MD&A for the financial year ended May 31, 2022. The Company is requesting the MCTO in order to secure additional time to finalize the Annual Financial Statements, as the Company anticipates a longer than anticipated timeframe for the audit of the Annual Financial Statements. The Company is working with its auditor and accounting team to draft Financial Statements and respond to all queries. It is the Company's reasonable expectation that the Annual Filings will be finalized on or before October 28, 2022.
The delay is principally due to a recent change in Crest's senior management and accounting staff including the Company's CEO, CFO and auditor. The Company's auditor changed in February 2022 and this is the first audit to be completed by MNP LLP, Chartered Professional Accountants. By way of background and as required by the BCSC, the Company notes the following:
1. The Company is required to file its Annual Filings all in accordance with IFRS, by September 28, 2022 (the "Annual Filing Deadline"). The Company does not anticipate that it will be able to complete the Annual Filings on or before the Filing Deadline.
2. The Company and its auditors are working diligently to prepare and file the Annual Filings, on or before October 28, 2022.
3. The Company confirms that it intends to issue a status report on a bi-weekly basis, for as long as it remains in default of the Annual Filing Deadline in respect of the Annual Filings.
4. There is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company has imposed an insider trading blackout pending the filing of the Annual Filings and will comply with the alternative information guidelines described in National Policy 12-203 Management Cease Trade Orders during such period.
FOR FURTHER INFORMATION CONTACT:
Jason Cubitt
Chief Executive Officer
Telephone: 778 819 2709
Contact: jcubitt@crestresourcesinc.com
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.