TORONTO, Sept. 21, 2020 (GLOBE NEWSWIRE) -- Angus Mining Inc. (the "Company") is very pleased to announce that the securities regulators (the "Commissions") in the Provinces of Ontario, British Columbia and Alberta have granted a full revocation (the "Revocation") of the cease trade orders imposed by each of them in 2015 against the securities of the Company. The cease trade orders had been imposed by the Commissions for failure by the Company to file its required filings by the filing deadline as prescribed by applicable securities laws.
The Company applied in December 2019 to each of the Commissions for a revocation of the cease trade orders. On August 31, 2020, the Company filed, among other continuous disclosure documents, annual audited financial statements and related MD&A for the fiscal years ended December 31, 2019, 2018 and 2017 (the "Continuous Disclosure Documents"). Consistent with the provisions of National Policy 12-202 Revocation of Compliance-related Cease Trade Order, the Commissions exercised their discretion to not require the Company to file the annual financial reports and related MD&A for financial years ended December 31 2014, 2015 and 2016, the interim reports for interim periods ending on or before March 31, 2017 and all related CEO and CFO certifications. As a condition of revoking the Ontario cease trade order, the Company provided an undertaking to the Ontario Securities Commission (“OSC”) that it will not complete any of the following transactions without first filing and obtaining a receipt for a final prospectus from the OSC: (a) a restructuring transaction involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada, (b) a reverse takeover with a reverse takeover acquirer that has a direct or indirect, existing or proposed, material underlying business which is not located in Canada, or (c) a significant acquisition involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada.
The Company intends to hold a meeting of shareholders within 90 days of the date of the Revocation. Although the Company has been largely inactive, following the Revocation, the Company intends to reactivate itself.
The Corporation continues to move forward in sourcing either debt or equity financing to acquire new assets either in, or out of, the natural resources space to enhance shareholder value.
The Continuous Disclosure Materials can be accessed on SEDAR under the Company's profile at www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements
Certain of the statements made and information contained herein is "Forward-looking information" within the meaning of applicable securities laws, including statements concerning our plans, future financings and operations, which involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, changes in national and local government legislation or regulations regarding environmental factors, taxation or foreign investment; political or economic instability; terrorism; inflation; changes in currency exchange rates; fluctuations in commodity prices; delays in the development of projects; shortage of personnel with the requisite knowledge and skills; dependency on equity market financings to fund operations; and other risks and uncertainties, including those described in each management's discussion and analysis released by the Company. In addition, forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
For Further Information:
Fraser Buchan
Chief Executive Officer
Telephone: (416) 473-4099