Sage Gold Provides Bi-Weekly MCTO Status Report
June 22 2018 - 6:45PM
Sage Gold Inc. (“Sage Gold” or the “Company”)
(TSX-V:SGX) is providing a bi-weekly update on the status of the
Management Cease Trade Order (“
MCTO”).
On April 27, 2018, the Company disseminated a
News Release disclosing that it had voluntarily applied to the
Ontario Securities Commission (the “OSC”) for a MCTO as it was not
able to complete and file its audited financial statements, CEO and
CFO certifications, and management discussion & analysis (the
“Annual Filings”) for the year ended December 31, 2017 by the
filing deadline of April 30, 2018. On April 30, 2018 the OSC
granted a MCTO provided that the Company issue a bi-weekly default
status report from April 27, 2018 onwards, in accordance with
National Policy 12-203, during the period of the MCTO. The
Company reports as follows:
- there are no changes to the information contained in the
bi-weekly status update dated June 8, 2018, that would reasonably
be expected to be material to an investor;
- the Annual Filings and audit of the financial statements for
the 15 month period ended December 31, 2017 were completed and
approved by the audit committee and board of directors on June 13,
2018 and filed on June 14, 2018. The Annual Filings can be
found on SEDAR at www.sedar.com;
- In connection with the late filing of the Annual Filings, the
Company was not able to complete and file its interim financial
statements, CEO and CFO certifications, and management discussion
and analysis (the “Interim Filings”) for the three month period
ended March 31, 2018 by the filing deadline of May 30, 2018.
The Company anticipates completing the Interim Filings next week
having completed and filed the Annual Filings. The MCTO will
stay in effect until the Interim Filings are completed and the
Company will continue to issue bi-weekly default status reports as
required; and
- there is no other material information concerning the affairs
of the Company that has not been generally disclosed.
About Sage Gold
Shares Outstanding: 110,183,926
The Company is a mineral exploration and
development company which has primary interests in near-term
production and exploration properties in Ontario. Its main
properties are the Clavos Gold property, 100% owned, in Timmins and
the 100% owned Onaman property and other exploration properties in
the Beardmore-Geraldton Gold Camp. Technical reports and
information relating to the properties can be obtained from the
System for Electronic Document Analysis and Retrieval (“SEDAR”)
website at www.sedar.com and from the Company’s website at
www.sagegoldinc.com.
Contact Information:
Nigel Lees, President and CEO
416-204-3170 nlees@sagegoldinc.com
www.sagegoldinc.com
CAUTIONARY STATEMENT: Neither the 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. This
news release may contain forward looking information and the
Company cautions readers that forward looking information is based
on certain assumptions and risk factors that could cause actual
results to differ materially from the expectations of the Company
included in this news release. This news release includes certain
"forward-looking statements”, which often, but not always, can be
identified by the use of words such as "believes", "anticipates",
"expects", "estimates", "may", "could", "would", "will", or "plan".
These statements are based on information currently available to
the Company and the Company provides no assurance that actual
results will meet management's expectations. Forward-looking
statements include estimates and statements with respect to the
Company’s future plans, objectives or goals, to the effect that the
Company or management expects a stated condition or result to
occur. Since forward-looking statements are based on assumptions
and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results relating
to, among other things, results of exploration, metallurgical
processing, project development, reclamation and capital costs of
the Company’s mineral properties, and the Company’s financial
condition and prospects, could differ materially from those
currently anticipated in such statements for many reasons such as,
but are not limited to: the ability to rectify breaches of
covenants under existing loan agreements with CRH Funding II Pte.
Ltd. and to satisfy this lender to forbear from creditor remedies
in the interim; failure to identify mineral resources; failure to
convert estimated mineral resources to reserves; the preliminary
nature of metallurgical test results; delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals; political risks; uncertainties relating to the
availability and costs of financing needed at the present time and
in the future; changes in equity markets, inflation, changes in
exchange rates; fluctuations in commodity prices; delays in the
development of projects; capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry; and those risks set
out in the Company’s public documents filed on SEDAR. This list is
not exhaustive of the factors that may affect any of the Company’s
forward-looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on
the Company’s forward-looking statements. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames
or at all. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
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