Class 1 Nickel Electing to Defer Interim Filings Following CSA Temporary Relief in Light of COVID-19
TORONTO, May 29, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited (“Class 1 Nickel” or the “Company”) today announces that it intends to rely on the temporary blanket relief for market participants published on March 23, 2020 (the “Blanket Order”) by the Canadian Securities Administrators (the “CSA”) which provides for a 45-day extension to file its interim financial statements and interim Management Discussion and Analysis (“MD&A”) for the quarter ended March 31, 2020 (the “Q1 2020 Filings”).
The Company is relying on the temporary exemption granted pursuant to section 7 of Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements with respect to the requirement to file its Q1 2020 Filings as per sections 4.4 and 5.1(2) of National Instrument 51-102 Continuous Disclosure Obligations and section 5.1 of National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings. The Company expects to file its Q1 2020 Filings no later than July 15, 2020.Until the Q1 2020 Filings are filed, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles of section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.Other than as previously disclosed by the Company, there have been no material business developments since the date of the audited annual consolidated financial statements that were filed May 25, 2020.About Class 1 Nickel:Class 1 Nickel and Technologies Limited is a mineral resource company seeking to build base metal portfolio through the acquisition, discovery, exploration, development and operation of high-quality deposits. The Company is focused on the exploration and future development of its 100% owner Alexo-Dundonald Project, an advanced exploration stage and past-producing nickel-copper-cobalt sulphide project located near Timmins, Ontario.For Further Information Please Contact:Benjamin Cooper
President and Chief Executive Officer
Class 1 Nickel and Technologies Limited
Email: [email protected]Caution Regarding Forward-Looking StatementsThis press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the potential of the Alexo-Dundonald Project, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, and failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Class 1 Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.