In my opinion, good accounting makes for a good company. In todays modern technolgy, i see no excuse for being so late on their filings. People work from home, there is zoom video conferencing, and other means of communicating. COVID should not be an excuse. With the delay announced yesterday, I have my doubts where this is headed. How much longer will the exchanges allow these delays??? It appears the year ended for Jan 31, 2020 has yet to be completed, let alone the three month ended April 30th 2020. See release below.. GLTA
Otso Gold to seek MCTO over tardy financials
2020-08-12 20:06 ET - News Release
Mr. Clyde Wesson reports
OTSO GOLD CORP. PROVIDES UPDATE ON THE FILING OF ITS INTERIM FINANCIAL STATEMENTS AND RELATED DISCLOSURE
Otso Gold Corp. will not be filing its interim financial statements for the three-month period ended April 30, 2020, along with its related management's discussion and analysis and accompanying chief executive officer and chief financial officer certifications, before the prescribed deadline of Aug. 15, 2020.
The company has recently experienced delays in its audit process for its financial year ended Jan. 31, 2020, mainly due to COVID-19, and as a result it has been devoting significant management resources to rectifying these delays. As a result, the company has been unable to devote sufficient management resources to the completion of the required filings by the filing deadline. Upon filing the company's audited financial statements and its related management's discussion for the year ended Jan. 31, 2020, management will be diligently working on completing the required filings as soon as possible. The company anticipates being in a position to file the required filings on or before Aug. 29, 2020.
As a result of the company's inability to complete its required filings by the filing deadline, the company is in the process of making an application with the B.C. Securities Commission and other applicable securities regulators under National Policy 12-203 (Cease Trade Orders for Continuous Disclosure Defaults), requesting that a management cease trade order (MCTO) be imposed in respect of this late filing. There is no guarantee that a MCTO will be granted. If the MCTO is granted, the MCTO will prohibit the CEO, the CFO, and possibly the directors, other officers and other insiders of the company from trading in securities of the company for so long as the required filings are not filed. The issuance of such cease trade order does not generally affect the ability of persons who are not directors, officers or other insiders of the company to trade in the company's securities.
The company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.
In connection with the company's prior reliance on B.C. Instrument 51-517 (Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to Aug. 31, 2020) for the purposes of extending the filing deadline for the required filings by an additional 45 days, the company has also established a blackout on trading by directors, officers and other insiders of the company, reflecting the principles in Section 9 of National Policy 11-207 (Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions). The company intends to continue the blackout until the required filings have been made.
About Otso Gold Corp.
Otso wholly owns the Otso gold mine near the town of Raahe in Finland. The Otso gold mine is fully built and fully permitted, has all infrastructure in place, has two open pits, and is progressing toward a restart at throughput of two million tonnes per year.
We seek Safe Harbor.