VANCOUVER, BC, May 4, 2021 /CNW/ - NG Energy
International Corp. ("NG" or the "Company")
(TSXV: GASX) (OTCQX: GASXF) announces that it will be unable
to file its annual financial statements for the year ended
December 31, 2020 and the related
management's discussion and analysis ("MD&A") and
certifications (the "Annual Filings") by the filing deadline
of April 30, 2021 as required by
applicable securities laws.
In connection with the Company's inability to file the Annual
Filings on time, the Company has applied for and been granted a
management cease trade order (an "MCTO") under National
Policy 12-203 Management Cease Trade Orders ("NP
12-203").
Due to the continuing travel and other restrictions in place in
both Canada and Colombia in response to the COVID-19 pandemic
the Company has been experiencing delays in the procedures required
to complete the audit of the annual financial statements. The
Company continues to work to complete the Company's annual
financial statements, and expects to file the Annual Filings by
May 30, 2021, and will issue a news
release once the Annual Filings have been filed.
Until the Company files the Annual Filings, it will comply with
the alternative information guidelines set out in NP 12-203.
The guidelines, among other things, require the Company to issue
bi-weekly default status reports, in the form of news releases, for
so long as the Annual Filings have not been filed.
During the MCTO, the general investing public will continue to
be able to trade in the Company's common shares listed on the TSX
Venture Exchange. However, the Company's Chief Executive
Officer and Chief Financial Officer will not be able to trade in
the Company's shares, nor will the Company be able to, directly or
indirectly, issue securities to or acquire securities from an
insider or employee of the Company except in accordance with
legally binding obligations to do so existing as of April 27, 2021. The Company is not currently
subject to any insolvency proceedings. If the Company provides any
information to any of its creditors during the period in which it
is in default of filing the Interim Filings, the Company confirms
that it will also file material change reports on SEDAR containing
such information.
About NG Energy International Corp.
NG Energy International Corp. is a publicly traded E&P
company on a mission to provide a clean and sustainable solution to
Colombia's energy needs. The
Company intends on executing this mission by producing and bringing
gas to the premium priced Colombian gas market from its
concessions, SN-9, a 311,353 acres block which is adjacent to
Canacol's Nelson field, as well Maria
Conchita, a 32,518 acre block located in the region of La
Guajira. NGE's team has extensive technical expertise and a
proven track record of building companies and creating value in
South America. For more
information, please visit SEDAR (www.sedar.com) and the Company's
website (www.ngenergyintl.com).
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE NG Energy International Corp.