VANCOUVER, BC, Jan. 3, 2024
/CNW/ - Orea Mining Corp. ("Orea" or the "Company") (TSX:
OREA) (OTCQB: OREAF) (FSE: 3CG) reports that it will not file
its audited annual financial statements, management discussion and
analysis and related officer certifications for the fiscal year
ended September 30, 2023
(collectively the "Annual Filings") by the filing deadline
of December 29, 2023 (the "Filing
Deadline"), as required under applicable Canadian securities
laws.
The delays are a direct consequence of not obtaining Canadian
government approval to close the transaction to acquire 100% of the
Montagne d'Or gold project, which has resulted in a significant
working capital deficit and a material reduction in Orea's staff,
leaving Orea unable to pay its auditors, Dale Matheson Carr-Hilton
LaBonte LLP. Orea's annual audit for the fiscal year ended
September 30, 2023, has not commenced
and will not be completed by the Filing Deadline.
Orea has applied to the British Columbia Securities Commission
(the "BCSC"), the Company's principal regulator, for a
management cease trade order ("MCTO") imposed against the
Chief Executive Officer and the Chief Financial Officer under
National Policy 12-203 – Management Cease Trade Orders
("NP 12-203"). The BCSC has granted the MCTO. The MCTO
will be in effect until the Annual Filings are filed, and requires
the Annual Filings to be filed on or before February 27, 2024.
Orea is endeavoring to complete the audit of its annual
financial statements for the year ended September 30, 2023, so that it will be in a
position to file the Annual Filings by February 27, 2024. Financing options are
being considered by the Company in order to fund the audit process
and its working capital deficit and it is endeavoring to begin the
audit by the third week of January. Orea intends to comply
with the alternative information guidelines set out in NP 12-203 by
issuing bi-weekly default status reports, in the form of news
releases.
The Board of Directors
Orea Mining Corp.
This news release includes certain statements and information
that may constitute forward-looking information within the meaning
of applicable Canadian securities laws. Forward-looking statements
relate to future events or future performance and reflect the
expectations or beliefs of management of the Company regarding
future events. Generally, forward-looking statements and
information can be identified by the use of forward-looking
terminology such as "endeavors", "intends", "expects" or
"anticipates", or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"should", "would" or will "potentially" or "likely" occur. This
information and these statements, referred to herein as
"forward‐looking statements", are not historical facts, are made as
of the date of this news release and include without limitation,
statements regarding the finalization and filing of the Annual
Filings, and the Company's intention to have the MCTO
revoked.
These forward‐looking statements involve numerous risks and
uncertainties, and actual results might differ materially from
results suggested in any forward-looking statements. These risks
and uncertainties include, among other things, risks that the
Company cannot raise capital to hire or pay its Auditors or other
persons or companies involved with the completion of the Annual
Filings, that the Company's auditors, lawyers and management will
not be able to complete their review of the Annual Filings in a
timely manner, that the Company will not be able to finalize and
file the Annual Filings, that the Company will not be successful in
obtaining a revocation of the MCTO, risks related to changes in
general economic, business and political conditions, including
changes in the financial markets, changes in applicable laws, and
compliance with extensive government regulation, as well as those
risk factors discussed or referred to in the Company's disclosure
documents filed with the securities regulatory authorities in
certain provinces of Canada and
available at www.sedar.com.
In making the forward-looking statements in this news
release, the Company has applied several material assumptions,
including without limitation, the assumption that the Company will
successfully finalize and file the Annual Filings in a timely
manner.
There can be no assurance that any forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader should not place any undue
reliance on forward-looking information or statements. The Company
undertakes no obligation to update forward-looking information or
statements, other than as required by applicable law.
SOURCE Orea Mining Corp.