MAHDIA GOLD CORP (CSE: MGD) ANNOUNCES EXPECTS DELAY IN FILIN
Mahdia Gold to file fiscal 2014 financials late
2014-12-24 15:29 ET - News Release
Mr. Donald Gordon reports
MAHDIA GOLD CORP (CSE: MGD) ANNOUNCES EXPECTS DELAY IN FILING ANNUAL AUDITED STATEMENTS
Mahdia Gold Corp. does not expect to file its audited annual financial statements for the fiscal year ended Aug. 31, 2014, and its management's discussion and analysis relating thereto before the prescribed deadline of Dec. 29, 2014.
The expected delay in filing the required filings is principally related to the transition of accounting personnel and the appointment of a new auditor as posted yesterday at SEDAR. The company is taking care to validate and verify records and receipts from its Guinean subsidiary and establish continuing controls and reporting as a result.
The company is making every effort to file the required filings in a timely fashion and fully expects to file the audited annual financial statements before or contemporaneously with the first quarterly statement prepared as of Nov. 30, 2014, due by Jan. 29, 2014.
Mahdia is in the process of making an application with the Ontario Securities Commission as its principal reporting jurisdiction and other applicable securities regulators under National Policy 12-203, requesting that a management cease trade order be imposed in respect of the late filings.
There is no guarantee that an MCTO will be granted. If an MCTO is granted, an MCTO will prohibit the chief executive officer, the chief financial officer, the directors, other officers and other insiders of Mahdia from trading in the company's securities for so long as the required filings are not filed. The issuance of an MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of Mahdia to trade in Mahdia's securities.
Mahdia confirms that it will satisfy the provisions of the alternative information guidelines under National Policy 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.
The company is currently engaged in alluvial gold recovery through joint ventures designed to maintain continuing operating costs and generate significant revenue. Meanwhile, Mahdia Gold's primary focus remains the development of the proven hard rock resource on the Omai property and the company is pursuing a course that will make this development a reality.
We seek Safe Harbor.