MGXMF - MGX Minerals Inc. Requests Management Cease Trade Order to Allow for Finalization of Pending Annual Financial Statements and Management's Discussion and Analysis and Confirms Change of Chief Financial Officer
(TheNewswire)
November 29, 2021 – TheNewswire - Vancouver, BC - MGX Minerals Inc. (the“ Company ”) (CNSX:XMG.CN)(OTC: MGXMF ) announces that it has requested a temporaryManagement Cease Trade Order (“ MCTO ”) from the British Columbia Securities Commission (“ BCSC ”) inconnection with the Company’s filing of itsaudited annual financial statements and MD&A for the financialyear ended July 31,2021.
The Company is requesting the MCTO in order to secure additional timeto consolidate financial information from its operations as theCompany changed its Chief Financial Officer and Accountant. TheCompany announced the appointment of Sandey Wang, CPA as interim ChiefFinancial Officer.
The Company also advises that its auditor SHIM & Associates LLP(the " Auditor ")remains the same.
Additionally, the Company notes that:
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1. The Company is required to file its July 31, 2021 audited annual financial statements, management’s discussion and analysisand the applicable CEO and CFO certifications in respect ofsuch filings (collectively the Annual Filings ”) all inaccordance with IFRS by November 29, 2021 (the Filing Deadline ”),as required pursuant to NI 51-102. The Companydoes not anticipate that it will be able to complete its Annual Filings on orbefore the Filing Deadline.
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2. The Company and its Auditorare working diligently to prepare and file the Annual Filings on orbefore December 29, 2021.
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3. The Company confirmsthat it intends to issue status report on bi-weekly basis,for as long as it remains in default of the Filing Deadline in respectof the Annual Filings.
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4. There is no other materialinformation concerning the affairs of the Company that
The Company has imposed an insider trading blackout pending the filingof the Annual Filings, and will comply with the alternativeinformation guidelines described in National Policy 12-203 Management Cease Trade Orders during such period.
MGX Minerals is a Canadian resource and technology company. ContactInformation:
Interim Chief Financial Officer
sandey@mgxminerals.com
Web: www.mgxminerals.com
Reader Advisory
This news release may containstatements which constitute “forward?looking information”that are subject to risks anduncertainties. All statements herein, other than statements ofhistorical fact, are to beconsidered forward?looking, including statements regarding theplans, intentions, beliefsand current expectations of the Company and its directors, or itsofficers with respect to thefuture business activities of the Company. The words “may”,“would”, “could”, “will”, “intend”, “plan”,“anticipate”, “believe”, “estimate”, “expect” andsimilar expressions, as they relate to the Company, or its management, are intended to identify such forward?looking statements. Although the Company believesthe expectations expressed in such forward?looking information are based on reasonableassumptions, such information is not a guarantee of future performance and actual results ordevelopments may differ materially from those contained in forward?looking information.Information provided in this document is necessarily summarized and may not contain all availablematerial information. Although the Company has attempted to identify important factors thatcould cause actual results, performance or achievements todiffer materially from thosecontained in the forward?looking statements, there can be otherfactors that cause results,performance or achievements not to be as anticipated, estimated orintended. Factors that could cause actual results to differ materially from those in forward?looking information include, but are not limited to, fluctuations in market prices, success of the operations of the Company, continued availability of capital and financing and general economic, market orbusiness conditions. There can be no assurances that such informationwill prove accurate and,therefore, readers should not place undue reliance onforward?looking statements.The forward?looking statements in this news release are made as ofthe date of this newsrelease, and the Company does not assume any obligation to update anyforward looking information except as required under the applicable securities laws.
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