SXOOF - St-Georges Provides Bi-Weekly Update to Management Cease Trade Order
(TheNewswire)
Montréal - TheNewswire - May 17, 2021 - St-Georges Eco-Mining Corp. (C NSX :SX. CN ) (OTC:SXOOF) (FSE:85G1) isproviding a bi-weekly update to its previously disclosed managementcease trade order as required by regulations. The MCTO was announcedon May 3, 2021, in respect of the audited annual financial statementsand corresponding management’s discussion and analysis for the yearended December 31, 2020, including the related CEO and CFOcertifications that were not filed by the required filing deadline ofApril 30, 2021.
The Annual Financial Filings were not filed on orbefore the Filing Deadline due to the delay in the completionof the year-end audit of ZeU Technologies, Inc. (“ ZeU ”), a corporation in which theCompany has a substantial interest. The Company owns approximately29.59% of the issued and outstanding common shares of ZeU. As a result, the Company will need more time to completeits consolidated financial statements.
The Company is working on the steps required tocomplete the Annual Financial Filings and expects to be able to filethe Annual Financial Filings by May 28, 2021. The Company will provideupdates as further information relating to the Annual FinancialFilings becomes available.
The Company has applied to the applicable securitiesregulatory authorities and received a management cease trade order (“MCTO”) imposed againstthe Chief Executive Officer, Mr. Herb Duerr and Chief FinancialOfficer, Mr. Richard Barnett, of the Company precluding them fromtrading securities of the Company .
No other shareholders other than thetwo officers mentioned will be affected by the MCTO order.
The MCTO will be in effect until the Annual FinancialFilings are filed and requires that the Annual Financial Filings befiled on or before July 2, 2021.
Until the Annual Financial Filings are filed, theCompany intends to issue bi-weekly default status reports inaccordance with National Policy 12-203 - Management Cease Trade Orders . The Company intends to satisfy the provisions of theAlternative Information Guidelines during the period it remains indefault of the filing requirements. The Company confirms that there isno other material information relating to its affairs that has notbeen generally disclosed.
ON BEHALF OF THE BOARD OF DIRECTORS
“ Frank Dumas”
FRANCOIS (FRANK) DUMAS
COO & DIRECTOR
A bout St-Georges
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