/NOT FOR DISSEMINATION IN THE
UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, April 13, 2017 /CNW/ - Eastern Platinum
Limited ("Eastplats" or the "Company") is providing
this bi-weekly default status report in accordance with National
Policy 12-203 Cease Trade Orders for Continuous Disclosure
Defaults ("NP 12-203"). On April 5, 2017, the Company announced that it was
unable to file its audited annual financial statements by the
prescribed deadline because the Company's Auditor had advised that
it would not be able to deliver its audit report until the
previously disclosed investigation into certain transactions
entered into by former management of the Company was further
advanced. The annual audited financial statements for the fiscal
year ended December 31, 2016 and the
related management's discussion and analysis and Annual Information
Form (collectively, the "2016 Annual Financial Statements")
were not filed by the March 31, 2017
deadline.
On April 4, 2017, the British
Columbia Securities Commission, as principal regulator, granted a
temporary management cease trade order (the "MCTO") to the
Company. The Company's Auditor is presently completing its
2016 audit work, which will include a review of any new information
obtained from an expansion of the Company's previously disclosed
investigation into certain transactions entered into by former
management of the Company. The Company intends to file the
2016 Annual Financial Statements once the Company's Auditor has
completed its 2016 audit work.
Pursuant to NP 12-203, the Company must file bi-weekly default
status reports in the form of further news releases during the
period of the MCTO. The Company reports that since its news
release of April 5, 2017, there have
been no material changes regarding the information contained in
that news release. The Company confirms there have been no
failures by it in fulfilling its stated intentions with respect to
satisfying the provisions of the alternative information guidelines
under NP 12-203, and there has not been, nor is there anticipated
to be, any specified default subsequent to the default announced in
the Company's news release of April 5,
2017.
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 and actions 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", "could", "expects", "anticipates"
and similar expressions.
In particular, this press release contains forward-looking
statements pertaining to Eastplats' filing of the 2016 Annual
Financial Statements and the completion of the 2016 audit work by
the Auditor. 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