Ecometals Hopes to File Year-End Docs by Sept. 30 2013-08-27 17:55 AT - News Release
Mr. William Lamarque reports
ECOMETALS LIMITED: DEFAULT STATUS UPDATE
Ecometals Ltd. is providing this biweekly default status report in accordance with National Policy 12-203. On July 26, 2013, the company announced that, for the reasons disclosed in the default notice, there would be a delay in the filing of its audited financial statements for the year ended March 31, 2013, and its related management's discussion and analysis, and chief executive officer and chief financial officer certifications for the year ended March 31, 2013, beyond the 120-day period prescribed for the filing of such documents.
As a result of this delay in filing, on July 29, 2013, the British Columbia Securities Commission, the principal regulator of the company, issued a management cease trade order, which imposed restrictions on all trading in securities of the company by the chief executive officer, the chief financial officer and all the directors of the company until the company files the required filings, and the BCSC makes an order revoking the MCTO. All other parties are permitted to freely trade the company's securities.
Further to its press release of Aug. 13, 2013, the company announces further progress in bringing its project at Serra do Navio into production and thereby in clarifying asset valuations on its balance sheet and its overall financial position sufficiently to allow completion of its annual audited accounts and associated regulatory filings.
Excavation continues on the company's manganese stockpile known as the Grosso-30. As at Aug. 26, 2013, 50 million tonnes has been moved into piles of 2.5 million tonnes each alongside the railway. The company plans to move 90 million tonnes to create these piles. The first 50 million tonnes is subject to a sampling program managed by an independent assaying company, AIS, to establish grades and size distribution. The sampling program is continuing.
Until the required filings and interim filings are filed, the company intends to continue to satisfy the provisions of the alternative information guidelines (AIG) specified in Section 4.4 of NP 12-203 by issuing biweekly default status reports, each of which will be issued in the form of a news release. The company intends to file, if required, its next default status report by Sept. 10, 2013. Due to delay in filing the year-end accounts the company's June 30, 2013, interim filings will also be delayed as the audited accounts need to be completed before the interim accounts can be prepared.
The company reports that, since the issuance of the default notice on July 29, 2013, it has determined that the company will not be in a position to complete its filings the week of Sept. 2, 2013, and advises that a revised anticipated completion date for the accounts and MD&A is Sept. 30, 2013. In addition, there has not been any specified default by the company under NP 12-203 other than the delay in filing the required filings, and there is no other material information concerning the affairs of the company that has not been generally disclosed.
We seek Safe Harbor.