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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, April 5, 2017 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") announces that it did
not file its annual audited financial statements for the fiscal
year ended December 31, 2016 and the
related management's discussion and analysis and Annual Information
Form by the deadline of March 31,
2017. The Company made an application to the provincial
securities commissions under National Policy 12-203 Cease Trade
Orders and has received a Management Cease Trade Order (the
"MCTO") in respect of the late filing. During the
MCTO, the general investing public will continue to be able to
trade in the Company's listed common shares. However, the
Company's Chief Executive Officer, Chief Financial Officer and such
other directors, officers and persons as determined by the
applicable regulatory authorities, will not be able to trade the
Company's shares.
The Company was unable to file its audited annual financial
statements by the prescribed deadline because the Company's Auditor
has advised that it will not be able to deliver its audit report
until the previously disclosed investigation into certain
transactions entered into by former management of the Company
is further advanced. Further details on the
investigation are referred to in the Company's Q3 2016 management's
discussion and analysis and related press release dated
November 14, 2016 (see
www.sedar.com). The Company and its Audit Committee are
working with its auditors and will continue to fully cooperate to
provide any and all information as soon as possible.
The Company currently expects to file its audited financial
statements for the fiscal year ended December 31, 2016 and the related management's
discussion and analysis as soon as practicable. Until then,
the Company intends to comply with the provisions of the
alternative information guidelines as set out in National Policy
12-203 for as long as it remains in default, including the issuance
of bi-weekly default status reports, each of which will be issued
in the form of a news release.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains "forward-looking statements" or
"forward-looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of
applicable securities legislation. Such forward-looking
statements include, without limitation, forecasts, estimates,
expectations and objectives for future operations that are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "will", "plan",
"intends", "may", "will", "could", "expects", "anticipates" and
similar expressions.
In particular, this press release contains forward-looking
statements pertaining to Eastplats' filing of annual financial
statements for the fiscal year ended December 31, 2016 and the related management's
discussion and analysis. These forward-looking statements are
based on assumptions made by and information currently available to
the Company. Although management considers these assumptions
to be reasonable based on information currently available to it,
they may prove to be incorrect. By their very nature,
forward-looking statements involve inherent risks and uncertainties
and readers are cautioned not to place undue reliance on these
statements as a number of factors could cause actual results to
differ materially from the beliefs, plans, objectives,
expectations, estimates and intentions expressed in such
forward-looking statements. These factors include, but are
not limited to, unfavourable changes in regulatory structures,
general risks associated with business, failure to complete the
audit in a timely manner, economic conditions, currency
fluctuations, competition and regulations, legal proceedings and
risks related to operations in foreign countries.
The forward-looking statements in this press release are made as
of the date they are given and, except as required by applicable
securities laws, the Company disclaims any intention or obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein.
SOURCE Eastern Platinum Limited