Core Gold Postpones Filing of Interim Financial Statements and MD&A Due to COVID-19 Related Delays and Provides Update Regarding Release of Annual Financial Statements and MD&A
VANCOUVER, British Columbia, May 27, 2020 (GLOBE NEWSWIRE) — Core Gold Inc. (“Core Gold” or the “Company“) today announced that it has postponed filing its interim financial statements and management’s discussion and analysis for the period ended March 31, 2020 (collectively, its “Interim Documents“) due to delays caused by coronavirus disease 2019 pandemic (“COVID-19”). Further to its announcement on April 27, 2020, the Company continues to postpone the filing its annual financial statements and management’s discussion and analysis for the year ended December 31, 2019 (collectively, its “Annual Documents”) due to delays caused by COVID-19.
Core Gold is relying on the temporary blanket relief granted by the British Columbia Securities Commission in BC Instrument 51-515 – Temporary Exemption from Certain Corporate Finance Requirements (and equivalent relief granted by the Alberta and Ontario Securities Commissions) that allows it to postpone the filing of its Interim Documents and Annual Documents required by National Instrument 51-102 for up to 45 days after May 30, 2020 and April 29, 2020, respectively. In response to COVID-19, securities regulatory authorities in Canada have granted a blanket exemption allowing issuers an additional 45 days to complete their regulatory filings. The Company estimates that its Interim Documents will be filed on or before July 14, 2020. Until such time as the Interim Documents are filed, Core Gold’s management and other insiders are subject to a trading black-out policy that reflects the principles contained in section 9 of National Policy 11-207 — Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.The Company confirms that since April 27, 2020, the date of the last summary of the material business developments filed by the Company, the following material business developments have been disclosed in respect of the Company by way of news release or filings on SEDAR:On May 13, 2020, Core Gold announced that at the special meeting of shareholders of the Company (“Shareholders”), the Shareholders passed a special resolution approving, among other things, the proposed consolidation of the common shares of the Company (“Common Shares”) and the voluntary delisting of the Common Shares from the TSX Venture Exchange following completion of the Consolidation.On May 20, 2020, Core Gold announced that following close of business on May 19, 2020, the Company effected the consolidation (“Consolidation”) of its issued and outstanding Common Shares on a 75,000,000 to 1 basis, with the result that Titan Minerals Limited (“Titan”) became the sole Shareholder, and the Common Shares were thereafter voluntarily delisted from trading on the TSX Venture Exchange (the “Delisting”). Together, the Consolidation and the Delisting represent the completion of the previously announced second-step (going-private) transaction with Titan.Other than the previously-disclosed developments that are described above, there have been no material business developments for the Company since April 27, 2020.About Core Gold Inc.