AurCrest Gold Provides Update on COVID-19 and Announces Request for Extension to file Annual Financial Statements and Management’s Discussion and Analysis
April 29, 2020
Toronto, Ontario April 29, 2020 - AurCrest Gold Inc. (the “Company” or “AurCrest”) (TSX-V: AGO) wishes to provide an update on the coronavirus pandemic (“COVID-19”) as it affects the Company and the status of the filing of its annual financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications, for the financial year ended December 31, 2019.
The lockdown resulting from the outbreak of COVID-19 has created unprecedented disruptions in the global economy and stock markets. AurCrest’s Board of Directors and Management are taking all necessary precautions to ensure the health of its employees and consultants and to manage the short-term challenges to its business.
On March 23, 2020, the Ontario Securities Commission (“OSC”) enacted Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements (the “OSC Temporary Exemption”) providing a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of COVID-19. AurCrest will be relying on this extension period due to delays experienced as result of COVID-19.
AurCrest will be relying on the OSC Temporary Exemption in respect of the following provisions:
- the requirement to file audited financial statements for the year ended December 31, 2019 (the “Annual Financial Statements”) within 120 days of AurCrest’s financial year end as required by section 4.2(b) of National Instrument 51-102 (“NI 51-102”);
- the requirement to file management’s discussion and analysis (the “Annual MD&A”) for the period covered by the Annual Financial Statements within 120 days of AurCrest’s financial year end as required by section 5.1(2) of NI 51-102;
- the requirement to file certifications of the Annual Financial Statements (the “Annual Certificates” and together with the Annual Financial Statements, the “Annual Filings”) pursuant to section 4.1 of National Instrument 52-109 (“NI 52-109”); and
- the requirement to make disclosure with respect to executive compensation not later than 140 days after AurCrest’s financial year-end as required by section 11.6 of NI 51-102.
AurCrest is working diligently and expeditiously with its auditors to file the Annual Filings on or before
May 15, 2020. At this time, AurCrest does not anticipate any delays in filing its interim financial statements for the first quarter ending March 31, 2020 (the “Interim F/S”) which are due to be filed by May 30, 2020. In the interim, management and other insiders of AurCrest are subject to a trading black out policy as described, in principle, in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
AurCrest confirms that since the filing of its interim consolidated financial statements for the period ended September 30, 2019, there have been no material business developments other than those disclosed through press releases including the press release issued on December 13, 2019 (relating to the Emission Reduction Benefit Management Agreement between AurCrest and the Lac Seul First Nation to develop carbon sequestration opportunities in the First Nation’s traditional territory in Northwestern Ontario) and the press release issued on December 24, 2019 (relating to the option of a 100% interest in the Company’s Western Fold property to Newrange Gold Corp.).
As required by the OSC Temporary Exemption, the Company will issue further press releases at 30 day intervals providing updates on material business developments, if any, including updates on the Annual Filings or the Interim F/S.
About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.
FOR FURTHER INFORMATION PLEASE CONTACT:
AurCrest Gold Inc.
President and C.E.O
Director of Business Development
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.