Lida Resources receives MCTO
2022-02-08 15:32 ET - News Release
Mr. Geoff Balderson reports
LIDA RESOURCES UPDATES STATUS OF FILING ANNUAL FINANCIAL STATEMENTS
Further to Lida Resources Inc.'s new release of Dec. 30, 2021, the company's principal regulator, the British Columbia Securities Commission, granted a management cease trade order on Dec. 30, 2021, under National Policy 12-203 -- Management Cease Trade Orders.
Pursuant to the MCTO, the chief executive officer and the chief financial officer may not trade in securities of the company until such time as the company files its annual audited financial statements for the year ended Aug. 31, 2021, management's discussion and analysis and related certifications, and the commission revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities. The company's board of directors and management confirm that they are working expeditiously to file the required documents and confirm that since the company's press release dated Dec. 30, 2021, there is no other material information respecting the company's affairs that has not been generally disclosed.
Until the required documents have been filed, the company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing biweekly default status reports in the form of further press releases for so long as the company remains in default of the financial statement filing requirement.
About Lida Resources Inc.
Lida acquires properties by staking initial mineral claims, negotiating for permits from government authorities, acquiring mineral claims or permits from existing holders, entering into option agreements to acquire interests in mineral claims, or purchasing companies with mineral claims or permits. On these properties, the company explores for minerals on its own or in joint ventures with others. Exploration for metals usually includes surface sampling, airborne and/or ground geophysical surveys, and drilling. The company is not limited to any particular metal or region, but the corporate focus is on precious and base metals in South America, specifically Peru, as at the date hereof.
We seek Safe Harbor.