Toronto, Ontario--(Newsfile Corp. - April 26, 2013) - Hudson River Minerals Ltd. (TSXV: HRM) ("Hudson" or the "Company") announces that the filing of the Company's audited annual financial statements for the year ended December 31, 2012, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings") will not be filed by the required filing deadline of April 30, 2013 (the "Filing Deadline").
The Annual Financial Filings will not be filed before the Filing Deadline as the Company has insufficient funds to pay its auditor to complete the audit. The Company anticipates raising approximately $100,000 through the issue and sale of its common shares and has identified investors who are prepared to purchase Hudson River shares, subject to definitive documentation and regulatory approval.
The Company's management and board are working diligently to complete the $100,000 financing so that its auditors can commence the required audit work. Assuming the Company is able to complete a financing which raises approximately $100,000, the Company anticipates that it will be in a position to file the Required Documents before June 30, 2013. While the Company's management is confident that it will be able to complete the financing, there can be no assurance that the financing will be completed. In the event the Company cannot raise sufficient funds to pay its auditor, Hudson will be unable to file its Annual Financial Filings.
The Company has applied to the applicable securities regulatory authorities for a management cease trade order related to the Company's securities to be imposed against all of the persons who are currently directors or officers of the Company to trade securities of the Company. The management cease trade order would be in effect until the Annual Financial Filings are filed. Until the Annual Financial Filings are filed, the Company will provide information in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults.
Morley Salmon and Marty Bernholtz have each today resigned from the board of Hudson. Also, Hudson's CFO and Corporate Secretary, David Jarvis, resigned. Brian Vallesi has been appointed interim CFO until a permanent replacement can be found. Additionally, Brian Vallesi has been appointed to the board of Hudson, subject to regulatory approval.
About Hudson River Minerals Ltd.
Hudson is focused on the discovery of precious metals and base metals in Ontario. The management team identifies underexplored areas that have historical intersections of economic minerals and has experience exploring in areas with little geologic outcrop and that rely heavily on geophysical technologies for discovery.
For Further Information please contact:
Hudson River Minerals Ltd.:
Stephen J. Balch, President and CEO
Tel: 905.407.9586
Email: sbalch@hudsonriverminerals.com
Website: www.hudsonriverminerals.com