Vancouver, British Columbia--(Newsfile Corp. - October 16, 2023) - GCC Global Capital Corporation (TSXV: GCCC.H) ("GCC" or the "Company") announces that Yonghong Hu has resigned as the Company's Chief Financial Officer ("CFO") and Corporate Secretary, and the Company appoints Zhizhen (Andrew) Liu as Chief Financial Officer and Corporate Secretary, effectively immediately. The Company wishes to thank Ms. Hu for her services and contributions to the Company and wishes her success in her future endeavors.
The Company also announces that it has made an application to the British Columbia Securities Commission to approve a temporary management cease trade order (the "MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), which, if granted, will prohibit trading in securities of the Company by the chief executive officer and chief financial officer of the Company until the Required Filings (as defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, will continue to be able to trade in the Company's listed securities. The MCTO application has been made, but there is no guarantee or assurance that the MCTO will be granted.
The Company expects it will be unable to file its audited financial statements for the financial year ended June 30, 2023, and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") by October 30, 2023, filing deadline (the "Filing Deadline"). The Company's failure to file its Required Filings by the Filing Deadline is due to the change of CFO and Corporate Secretary, and delay in receiving funds to initiate the audit of the Company's financial statements. The Company is expecting to receive funds shortly; the preparation of the required reports is underway, and the Company will engage an auditor to perform the audit accordingly.
The Company anticipates that it will be in a position to remedy the default by filing the Required Filings on or before December 15, 2023. The MCTO will be in effect until the Required Filings are completed. The Company intends to satisfy the provisions of the alternative information guidelines set out in section 10 of NP 12-203 so long as the Required Filings are outstanding.
About GCC Global Capital Corporation
GCC Global Capital Corporation is listed on the TSX Venture Exchange as an Investment Issuer. The Company focuses on real estate, natural resources, and high-tech industries.
For further information, please contact Andrew Liu, CFO by email at aliu@gcccglobal.com or by phone at 778-866-2860.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184215
