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Cerro de Pasco Resources Announces Application for Management Cease Trade Order
MONTREAL, July 29, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE: CDPR) (Frankfurt: N8HP) (“CDPR” or the “Company”) announces that it has applied
About this update from Cerro De Pasco Resources, Inc.
[{"type":"text","content":" MONTREAL, July 29, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE: CDPR) (Frankfurt: N8HP) (“CDPR” or the “Company”) announces that it has applied to the Autorité des marchés financiers (Québec) (the “AMF”), as the principal regulator of the Company, and expects to be granted a management cease trade order (the “MCTO”) on July 29, 2024, pursuant to Policy Statement 12-203 Respecting Management Cease Trade Orders (“PS 12-203”). Under the MCTO, the Company’s Chief Executive Officer (CEO), Chief Financial Officer (CFO) and directors may not trade in securities of the Company until such time as the Company files its audited consolidated financial statements, its management’s discussion and analysis as well as the CEO and CFO certificates, for the year ended March 31, 2024 (the “Required Documents”), which were to be filed on July 29, 2024. The MCTO will not affect the ability of shareholders to trade their securities. The Company expects to file the Required Documents as soon as they are available, but in any event no later than August 12, 2024. Until the Required Documents have been filed and the MCTO has been revoked, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in PS 12-203 by issuing default status reports in the form of further press releases every two weeks. Reasons for the Default and Plans for Remedying the Default Due to the change in the fiscal year-end (from December 31 to March 31) announced in February 2024, the audit of CDPR's most recent fiscal year covers a 15-month period. This audit is being conducted by the Company's new auditors, who were appointed in February 2024 in the context of the restructuring of the Company's wholly owned subsidiary, Cerro de Pasco Subsidiaria del Perú SAC (\"Cerro Perú\"), the owner of the Santander Mine. Although CDPR's auditors have begun their audit of CDPR's financial statements for the year ended March 31, 2024, they have not been able to complete their work to date. CDPR has identified and organized all the documentation required to enable its auditors to proceed with the audit. CDPR’s Audit Committee requested that the auditors review the documentation in order to issue a report on the financial statements and a management’s discussion and analysis. The ...