/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES/
Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, May 30, 2017 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company"), as required by the
reporting requirements under the temporary management cease trade
order (the "MCTO") issued to the Company under National
Policy 12-203 ("NP 12-203") and as discussed in our press
release of April 5, 2017, reports the
Company has concluded an extensive investigation into certain
actions taken by former management, in order to satisfy itself that
the 2016 Audited Consolidated Financial Statements and associated
filings ("2016 Annual Filings") accurately reflect the
financial position of the Company. New management obtained
advice and has considered the results of the investigation and
considers it appropriate to file its 2016 Annual Filings. The
Company will seek further advice from its legal counsel and
evaluate its options and any action that may be appropriate. The
Company anticipates that it will be able to file its 2016 Annual
Filings within the week.
As a result of the delay in filing its 2016 Annual Filings, the
Company is delayed in filing its condensed interim consolidated
financial statements for the period ended March 31, 2017 and associated Management's
Discussion and Analysis (collectively, the "Q1 Filings")
which were otherwise required to be filed by May 15, 2017. It is anticipated that the Q1
Filings will be made shortly after the filing of the 2016 Annual
Filings.
The Company reports that, except as otherwise disclosed in the
Company's news releases of April 13,
May 2, May
12, May 16, 2017 and this news
release, there have been no material changes required to be
disclosed under NP 12-203. 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, except
with respect to the Q1 Filings, 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. Further disclosure of the risks and
uncertainties facing the Company and other forward looking
statements are discussed in the Company's Annual Information Form
and Management's Discussion and Analysis which are available under
the Company's profile on www.sedar.com.
In particular, this press release contains forward-looking
statements pertaining to Eastplats' filing of the 2016 Annual
Financial Statements, the completion of the 2016 audit work by the
Auditor and the filing of Q1 Filings. 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