Silver Bear Resources Plc ("Silver Bear" or the "Company") (TSX: SBR) announces today, further to our press release on 16 March 2022, that the Company will be issued a cease trade order (“CTO”) by the Ontario Securities Commission (“OSC”) for not filing the following periodic disclosure documents (collectively “Annual Filings”) by the filing deadline of 31 March 2022, namely:
- the audited annual financial statements for the year ended 31 December 2021;
- the management’s discussion and analysis relating to the audited annual financial statements for the year ended 31 December 2021;
- the annual information form for the year ended 31 December 2021; and
- the certification of the foregoing filings as required by National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings.
As announced on 16 March 2022, the Company has been unable to pay its Auditors BDO LLP (“BDO”) due to Russian government restrictions on international payments and BDO has suspended the completion of the Company’s 2021 audit. The Company continues to work with BDO to resolve the non-payment of the outstanding invoice to BDO’s satisfaction and to complete the Annual Filings which were at an advanced stage. Once the Company has met the OSC’s requirements, it will seek to have the OSC CTO revoked. The Company will continue to closely monitor sanction developments.
Despite the CTO, a beneficial security holder of the Company who is not, and was not at the date of the CTO, an insider or control person of the Company, may sell securities of the Company acquired before the date of the CTO if the following apply: (a) the sale is made through a “foreign organized regulated market”, as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Holders of the Company's securities are urged to consult with their own investment advisors or legal counsel about the implications of the CTO.
The Company is not currently subject to any insolvency proceedings. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
About Silver Bear
Silver Bear (TSX: SBR) is focused on the development of its wholly-owned Mangazeisky Silver Project, covering a licence area of approximately 570 km2 that includes the high-grade Vertikalny deposit (amongst the highest- grade silver deposits in the world), located 400 km north of Yakutsk in the Republic of Sakha within the Russian Federation. As of April 2018, the Company attained first silver production as a result of commissioning activities and on 1 July 2019 the Company achieved full commercial production. Other information relating to Silver Bear is available on SEDAR at www.sedar.com as well as on the Company's website at www.silverbearresources.com.
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