what a cluster-duck
Cancana to miss deadline for financials, files for MCTO
2013-05-31 15:02 ET - News Release
Mr. Andrew Male reports
CANCANA APPLIES TO ALBERTA SECURITY COMMISSION FOR MANAGEMENT CEASE TRADE ORDER
Cancana Resources Corp. has applied to the Alberta Securities Commission to approve a management cease trade order. If approved, it is anticipated that the MCTO will be issued effective June 3, 2013. The company anticipates it may be unable to file its annual financial statements, management discussion and analysis, and related chief executive officer and chief financial officer certificates for its fiscal year ended Jan. 31, 2013, before the May 31, 2013, filing deadline.
Through the process of completing the Cancana's financial statements, the company's auditors have raised an issue with respect to the consolidation of an investment currently held by the company and the applicable accounting treatment in respect of this holding. The company has been working diligently with its auditors to remedy the situation in advance of the deadline; however, Cancana has concluded that its auditor will not be able to complete the audit within the allotted time frame, and, as such, the required filings cannot be made by the filing deadline.
The company anticipates that it will be in a position to remedy the default within the two-month time allotted that the company has applied for under the MCTO and file the required filings on or before July 30, 2013. The MCTO restricts all trading in securities of the company, whether direct or indirect, by management of the company. The MCTO will be in effect until the required filings are filed.
The company intends to satisfy the provisions of the alternative information guidelines set out in sections 4.3 and 4.5 of National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults so long as the required filings are outstanding.
The company has not taken any steps toward any insolvency proceeding, and the company has no material information to release to the public.