MGXMF - MGX Minerals Granted Management Cease Trade Order to Allow for Completion of Financials
(TheNewswire)
VANCOUVER – TheNewswire - December 1, 2021 - MGX Minerals Inc. (“MGX” or the “Company”)(CSE:XMG) (CNSX:XMG.CN) (FKT:1MG) (OTC:MGXMF) is pleased to announce that in connection with the anticipated latefiling of the Company's audited annual financial statements (the" FinancialStatements ") and management's discussionand analysis for the financial year ended July 31, 2020, the Companyhas applied for, and has been granted, a temporary management ceasetrade order (the " MCTO ") by the British Columbia SecuritiesCommission (the " BCSC ").
The Company applied for the MCTO in order to secureadditional time to finalize the Financial Statements. As a result ofrecent changes to the Company's board of directors, the Companyanticipates a longer than anticipated timeframe for the audit of theFinancial Statements. However, it is the Company's reasonableexpectation that the audit of the Financial Statements will becompleted by December 27th, 2021.
By way of background and as required by the BCSC,please note the following:
1. The Company is required tofile its July 31, 2020 audited annual financial statements,management's discussion and analysis and the applicable CEO and CFOcertifications in respect of such filings (collectively, the" AnnualFilings ") all in accordance with IFRS, byNovember 29, 2020 (the " Filing Deadline "), as required pursuantto National Instrument 51-102 Continuous Disclosure Obligations . The Companydoes not anticipate that it will be able to complete its AnnualFilings on or before the Filing Deadline.
2. The Company and its auditorsare working diligently to prepare and file the Annual Filings on orbefore December 27th, 2021.
3. The Company confirms that itintends to issue a status report on a bi-weekly basis, for as long asit remains in default of the Filing Deadline in respect of the AnnualFilings.
4. There is no other materialinformation concerning the affairs of the Company that has not beengenerally disclosed.
During the MCTO, the general investing public willcontinue to be able to trade in the Company's listed common shares.However, for the duration of the MCTO, the Company's Chief ExecutiveOfficer and Chief Financial Officer will not be able to trade theCompany's common shares.
The Company has imposed an insider trading blackoutpending the filing of the Annual Filings. If the MCTO is granted, theCompany will comply with the alternative information guidelinesdescribed in National Policy 12-203 Management Cease Trade Orders for so long as it remains in default due to the late filingof the Annual Filings.
Corporate Update
The Board of Directors has removed Lyndon Patrickeffective November 30, 2021 for non performance having missed three ormore consecutive Director Meetings and reduced the number of Directorsto three, in accordance with Company By-laws. A search has begun for anew Director. The current Directors of the Company are AndrisKikuaka and Jared Lazerson.
About MGX Minerals
MGX Minerals is a diversified Canadian resource andtechnology company with interests in advanced metals, industrialminerals, nuclear energy and rocketry.
ContactInformation:
Sandey Wang
Interim Chief Financial Officer
604 681 7735
Forward-LookingStatements
This press release containsforward-looking information or forward-looking statements(collectively, "forward-looking information") within themeaning of applicable securities laws. All statements, other thanstatements of historical fact, included herein are forward ? looking information. Forward-looking information in this pressrelease include, but are not limited to, statements with respect toholding the postponed Meeting, and the filing of an amended notice ofmeeting and record date for the postponed Meeting. Forward-lookinginformation is generally, but not always, identified by the words"expects", "plans", "anticipates","in the event", "if", "believes","asserts", "position", "intends","envisages", "assumes", "recommends","estimates", "approximate", "projects","potential", "indicate" and similar expressions,or that events or conditions "will", "would","may", "could" or "should" occur.
The Company’s forward-lookinginformation are based on the applicable assumptions and factors theCompany considers reasonable as of the date hereof, based on theinformation available to the Company at such time, including withoutlimitation, the ability to host the postponed Meeting at a later date,and the ability to find a suitable location which can accommodate anin-person shareholders’ meeting. The Company cautions investors thatany forward-looking information provided by the Company is not aguarantee of future results or performance, and that actual resultsmay differ materially from those in forward-looking information as aresult of various risk factors. These factors include, among others,uncertainties arising from the COVID-19 pandemic, and general economicconditions or conditions in the financial markets. The reader isreferred to the Company's public filings for a more completediscussion of such risk factors, and their potential effects, whichmay be accessed through the Company's profile on SEDAR at www.sedar.com . Except as required by securities law,the Company does not intend, and does not assume any obligation, toupdate or revise any forward-looking information, whether as a resultof new information, events or otherwise.
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