(TheNewswire)
Vancouver, B.C. – TheNewswire - September 29, 2022? Crest Resources Inc. (CSE:CRES) (the “Company” or “Crest”) announces that it hasrequested a temporary Management Cease Trade Order (“MCTO”) fromthe British Columbia Securities Commission (“BCSC”) in connectionwith the Company’s filing of its audited annual financial statements(the “Audited Financial Statements”) and MD&A for thefinancial year ended May 31, 2022.
The Company is requesting the MCTO in order to secureadditional time to finalize the Annual Financial Statements, as theCompany anticipates a longer than anticipated timeframe for the auditof the Annual Financial Statements. The Company is working with itsauditor and accounting team to draft Financial Statements and respondto all queries. It is the Company’s reasonable expectation that theAnnual Filings will be finalized on or before October 28, 2022.
The delay is principally due to a recent change inCrest’s senior management and accounting staff including theCompany’s CEO, CFO and auditor. The Company’s auditor changed inFebruary 2022 and this is the first audit to be completed by MNP LLP,Chartered Professional Accountants. By way of background and asrequired by the BCSC, the Company notes the following:
1. The Company is required to file itsAnnual Filings all in accordance with IFRS, by September 28, 2022 (the“Annual Filing Deadline”). The Company does not anticipate that itwill be able to complete the Annual Filings on or before the FilingDeadline.
2. The Company and its auditors are workingdiligently to prepare and file the Annual Filings, on or beforeOctober 28, 2022.
3. The Company confirms that it intends toissue a status report on a bi-weekly basis, for as long as it remainsin default of the Annual Filing Deadline in respect of the AnnualFilings.
4. There is no other material informationconcerning the affairs of the Company that has not been generallydisclosed.
The Company has imposed an insider trading blackoutpending the filing of the Annual Filings and will comply with thealternative information guidelines described in National Policy 12-203 Management Cease TradeOrders during such period.
FOR FURTHER INFORMATIONCONTACT:
Jason Cubitt
Chief Executive Officer
Telephone: 778 819 2709
Contact: jcubitt@crestresourcesinc.com
Neither the Canadian SecuritiesExchange nor its Regulation Service Provider (as the term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy of accuracy of this newsrelease.
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