NEW WESTMINSTER, British Columbia, Oct. 31, 2017 (GLOBE NEWSWIRE) -- Cabo Drilling Corp.
(TSX-V:CBE) (“Cabo” or the “Company”) announces that the Company has applied for and received a Management
Cease Trade Order (“MCTO”) effective October 31, 2017. Application for the MCTO was made anticipating the Company would
default in meeting the filing deadline for its audited annual financial statements, management discussion and analysis (MD&A)
and CEO and CFO certificates for the year ended June 30, 2017 (the “Required Annual Filings”). The Company had anticipated
completing the Required Annual Filings by October 30, 2017; however, circumstances have forced the Company to revise this to not
later than November 6, 2017.
The Company intends to satisfy the provisions of the alternative information guidelines set out in sections 4.3
and 4.4 of National Policy 12-203 so long as the Required Annual Filings are outstanding. The Company confirms that there is no
insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been
generally disclosed.
The MCTO will remain in effect until the Company is no longer in default with respect to its filing requirements
and the British Columbia Securities Commission lifts the cease trade order.
About Cabo Drilling Corp. (TSX-V:CBE)
Cabo Drilling Corp. is a drilling services company headquartered in New Westminster, British Columbia, Canada. The Company
provides mining specialty drilling services through its divisions in Kirkland Lake, Ontario, Canada, with branches in Surrey,
British Columbia and Springdale, Newfoundland; as well as Cabo Drilling (America); Cabo Drilling (Panama) Corp.; Balkan States
Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling (International) Inc. The Company’s common shares trade on the
Frankfurt Exchange under the symbol: DHL and on the TSX Venture Exchange under the symbol: CBE
ON BEHALF OF THE BOARD
“John A. Versfelt”
John A. Versfelt
President and CEO
Further information about the Company can be found on the Cabo Drilling website (http://www.cabo.ca) and SEDAR
(www.sedar.com) or by contacting Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-527-4201.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This
news release may contain forward-looking statements including but not limited to comments regarding the timing and content of
upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions
timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and
uncertainties. Actual results may differ materially from those currently anticipated in such statements.
CONTACT: John A. Versfelt, Chairman, President and CEO
Telephone: (604) 527-4201
Facsimile: (604) 527-9126
e-mail: ir@cabo.ca
web site: www.cabo.ca
