Alphamin Announces Delay in Annual Filings and Reliance on COVID-19 Relief Measures
April 28 2020 - 7:30PM
Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX,
“
Alphamin” or the “
Company”)
announced that it has been informed by its auditors that due to
their additional risk assessment requirements related to the
uncertainty created by the COVID-19 pandemic and their limitations
on people movement, they are required to perform a further COVID-19
specific risk assessment on the Company and that they will not be
in a position to sign the audit report in the financial statements
by the filing deadline of April 29, 2020. The Company expects to
file the annual filings on or prior to May 6, 2020.
Accordingly, the Company will not file its
audited financial statements and other annual filings under
Canadian securities laws by the deadline date of April 29, 2020 and
will be relying on the exemption provided in British Columbia
Instrument 51-515 - Temporary Exemption from Certain Corporate
Finance Requirements of the British Columbia Securities
Commission (and similar exemptions provided by the Alberta
Securities Commission) (collectively, the
“Instruments”) which provide a temporary extension
of the time for completion of such filings for up to 45 days. The
following are the specific documents that will be late-filed and
for which the exemptive relief is being relied upon (collectively
the “Documents”):
- the Company's annual audited
financial statements for the twelve-month period ended December 31,
2019 as required by section 4.2 of National Instrument 51-102
- Continuous Disclosure Obligations (“NI
51-102”);
- the Company's Management Discussion
& Analysis for the twelve-month period ended December 31, 2019
as required by section 5.1(2) of NI 51-102; and
- certifications of the annual
financial statements as required by section 4.1 of National
Instrument 52-109 – Certification of Disclosure in Issuers’ Annual
and Interim Filings.
Until the Company has filed the Documents,
members of the Company's management and other insiders are subject
to a trading blackout reflecting the principles contained in
section 9 of National Policy 11-207 – Failure to File Cease
Trade Orders and Revocations in Multiple Jurisdictions.
Since the date the last interim financial
statements and related management’s discussion and analysis were
filed with respect to the interim period ending September 30, 2019,
the Company has disclosed by way of news release the following
material business developments, further details of which are
available under the Company's SEDAR profile
at www.sedar.com:
- On October 16, 2019 the Company
provided production and sales details for the Bisie tin mine for
the three months ended September 30, 2019;
- On February 3, 2020 the Company
provided production and sales details for the Bisie tin mine for
the three months ended December 31, 2019 and announced the
completion of an updated National Instrument 43-101 – Standards of
Disclosure for Mineral Projects technical report for the Bisie tin
project;
- On March 16, 2020 the Company
announced the exercise of a previously announced option to defer
required capital repayment instalments under the senior secured
credit facility provided to the Company’s 80.75% owned subsidiary,
Alphamin Bisie Mining S.A. (the “Credit
Facility”);
- On April 3, 2020 the Company
provided production and sales details for the Bisie tin mine for
the three months ended March 31, 2020; and
- On April 27, 2020, the Company
announced its intention to complete a proposed non-brokered private
placement of common shares to raise gross proceeds of a minimum of
US$30 million and a maximum of US$35 million at a price of C$0.14
per share. The Company also announced an agreement in principle
with the lenders under the Credit Facility for amendments to
certain terms and financial covenants contained in the Credit
Facility.
The Instruments require the Company to issue
further press releases at 30-day intervals providing updates on
material business developments, if any, and updating the expected
timing for filing of the Documents if the Documents have not yet
been filed.
FOR MORE INFORMATION, PLEASE
CONTACT:
Eoin O’DriscollCFOAlphamin
Resources Corp.Tel: +230 269 4166E-mail:
eoin.odriscoll@alphaminresources.com
CAUTION REGARDING FORWARD LOOKING
STATEMENTSInformation in this news release that is not a
statement of historical fact constitutes forward-looking
information. Forward-looking statements contained herein include
statements relating to the expected timing of the Company’s 2019
annual filings. Forward-looking statements are based on assumptions
management believes to be reasonable at the time such statements
are made. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Although Alphamin has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Factors that may cause actual results to differ
materially from expected results described in forward-looking
statements include, but are not limited to: uncertainties as a
result of the global Covid-19 pandemic as well as those risk
factors set out in the Company’s Management Discussion and Analysis
and other disclosure documents available under the Company’s
profile at www.sedar.com. Forward-looking statements contained
herein are made as of the date of this news release and Alphamin
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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