Steadright Critical Minerals Announces Late Filing of Financial Statements
Muskoka, July 29, 2024 - Steadright Critical Minerals Inc. (the "Company") (CSE:SCM) announces that the Company applied to the Ontario Securities Commission (the "OSC") for a management cease trade order ("MCTO") with respect to its audited consolidated financial statements for the year ended March 31, 2024, the annual management's discussion and analysis for the same period and management certifications of the annual filings (collectively, the "Annual Filings"). The MCTO was denied. As a result, the Company anticipates that the Annual Filings will not be filed by the prescribed deadline of July 29, 2024, and the Company anticipates that on or about July 30, 2024, the OSC will issue a failure to file cease trade order against the Company ("CTO") which orders that general trading, whether direct or indirect, of the securities of the Company cease. Despite the CTO, a beneficial holder of a security of the Company who is not and was not as of the date of the CTO, an insider or control person of the Company may sell securities of the Company acquired before the date of the CTO if: (a) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Holders of the Company's securities are urged to consult with their own investment advisors or legal counsel about the implications of the CTO.
The Company does not expect an interruption of the operations of the Company during the CTO. Revocation of the CTO is expected to occur within a few days after the Annual Filings are made.
Until the Company has filed the Annual Filings, members of the Company's management and other insiders are subject to an insider trading black-out.
ABOUT THE COMPANY
Steadright Critical Minerals Inc. is a mineral exploration company established in 2019. Steadright currently holds an option on its RAM property near Port Cartier, Quebec within the Côte-Nord Region, which is accessible by route 138. The RAM project is comprised of over 13,000 acres and located on a Anorthositic complex that is in a highly prospective geological unit and historically been under explored for Ni, Cu, Co and precious metals.
For further information, please contact:
Simon Chapelle
Independent Director
Steadright Critical Minerals Inc.
Tel: (647)-637-8608
Email: info@steadright.ca
Web: www.steadright.ca
Notice Regarding Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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