(TheNewswire)
Toronto, Ontario – TheNewswire - April 28, 2023 –Frontline Gold Corporation (TSXV:FGC) (“Frontline” or the“Company”) announces today that it will notbe able to file its annual financial statements, accompanyingmanagement’s discussion and analysis and related CEO and CFOcertifications (collectively, the “2022 Annual ConsolidatedFinancial Statements”) for the financial year ended December 31,2022, within the period prescribed for the filing of such documentsunder Parts 4 and 5 of National Instrument 51-102 and pursuant toNational Instrument 52-109, namely within 120 days of year-end.
The primary reason for the default in filing is thatFrontline’s previous year’s audit Partner, moved to a new auditfirm and resulted in the position that audit for the 2022 AnnualConsolidated Financial Statements delayed. Frontline has engaged anAuditing Firm to complete the 2022 Annual Consolidated FinancialStatements. The Company is continuing to workdiligently and expeditiously with its new auditors to file the 2022Annual Consolidate Financial Statements Annual Filings on or beforeJune 15, 2023.
During the period of default, Frontline will issuebi-weekly default status reports in the form of further pressreleases, which will also be filed on SEDAR. Frontline confirms thatthere are no insolvency proceedings against it and there is no othermaterial information concerning the affairs of the Company that hasnot been generally disclosed as of the date of this pressrelease.
The Company had made an application to the applicableCanadian securities regulatory authorities for a management ceasetrade order but this application was denied by the Canadian securitiesregulatory authorities due to its view that there is not an active,liquid market for the Company’s shares. The Canadian securitiesregulatory authority’s recommendation was based on its review of thetrade volume, trade value and number of trades over the last 30 days. The applicable Canadian securities regulatory authorities may issuegeneral cease trade orders against Frontline for failure to file the2022 Annual Financial Statements within the prescribed timeperiod.
The Company confirms that since the filing of itsinterim consolidated financial statements for the period endedSeptember 30, 2022 that there have been noreportable events as defined in the National Instrument 51-102 and, inits opinion, there are no reportable events pending.
There were no reservations in the former auditor'sreports in connection with the financial statements of the Companysince the former auditor's appointment; and any periods subsequent forwhich an audit report was issued and preceding the effective date ofexpiry of the former auditor's term of office.
About Frontline GoldCorporation
Frontline is a Canadian junior mineral explorationcompany. The Company's core properties include the Crooked Pine GoldProject (Ontario), Copperlode Project (Ontario), the Flint Lake andKakagi Lake Gold Project (Ontario), and the Route 109 Gold Project andthe NE Bachelor Lake Gold Project which are both in the Abitibi Regionof Quebec. Other Canadian exploration properties include other goldproperty groups in Ontario and include the Whitehorse Island MiningPatents.
Frontline continues to actively seek projects, andadditional investor/partner(s) in order to continue to build upon itsproperties and net smelter return royalties.
Further information about the Company is available onthe Company’s website, www.frontlinegold.com , or oursocial media sites listed below:
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This news release containsforward-looking statements, which address future events andconditions, which are subject to various risks and uncertainties. TheCompany’s actual results, programs and financial position coulddiffer materially from those anticipated in such forward-lookingstatements as a result of numerous factors, some of which may bebeyond the Company’s control. These factors include: theavailability of funds; the timing and content of work programs;results of exploration activities and development of mineralproperties, the interpretation of drilling results and othergeological data, the uncertainties of resource and reserveestimations, receipt and security of mineral property titles; projectcost overruns or unanticipated costs and expenses, fluctuations inmetal prices; currency fluctuations; and general market and industryconditions.
Forward-looking statements are based on the expectations and opinionsof the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, undue reliance should not be placed onforward-looking statements.
“Walter Henry” Walter Henry, President & CEO FRONTLINE GOLD CORP. | Contact: Walter Henry Phone: (416) 861-9090 Email: info@frontlinegold.com Website: www.frontlinegold.com Frontline Gold Corp. (TSX-V: FGC) 372 Bay Street, Suite 301 Toronto, Ontario M5H 2W9 |
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