Business
Diamond Fields International Ltd. - Notice of Default Pursuant to CSA Staff Notice 57-301
Diamond Fields International Ltd. - Notice of Default Pursuant to CSA Staff Notice 57-301.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\n\nSYMBOL: DFI\n\nCAPE TOWN, South Africa, Sept. 29 /CNW/ - Diamond Fields International\nLtd. (DFI:TSX) (\"DFI\" or the \"Company\") is filing this Notice of Default\npursuant to CSA Staff Notice 57-301 Failure to File Financial Statements on\nTime - Management Cease Trade Orders (\"57-301\") in respect of the Company's\ninability to file its annual audited financial statements for the year ended\nJune 30, 2006 (the \"Annual Financial Statements\") by the deadline of\nSeptember 28, 2006 as required by National Instrument 51-102 Continuous\nDisclosure Obligations. In connection with the Company's inability to file the\nAnnual Financial Statements on time, the Company has applied to applicable\nCanadian securities regulators requesting that a management cease trade order\n(which restricts trading in the Company's securities by the Company's\ninsiders) be issued as opposed to an issuer cease trade order (which restricts\nall trading in the Company's securities).\nThe Company is unable to file the Annual Financial Statements on time due\nto the cumulative effect of the following factors:\n\n>\n\nThe Company currently expects to file the Annual Financial Statements by\nOctober 12, 2006.\nPursuant to 57-301, applicable Canadian securities commissions or\nregulators may impose an issuer cease trade order against the Company if the\nAnnual Financial Statements are not filed by November 28, 2006, being the date\nthat is two months following the date of the filing deadline for the Annual\nFinancial Statements. In addition, an issuer cease trade order may be imposed\nsooner if the Company fails to file Default Status Reports on time in\naccordance with 57-301.\nThe Company intends to satisfy the provisions of Appendix B to 57-301 by\nfiling a Default Status Report in the prescribed form, as long as the Company\nremains in default of the financial statement filing requirement.\nThe Company is not currently subject to any insolvency proceedings. If\nthe Company provides any information to any of its creditors during the period\nin which it is in default of filing the Annual Financial Statements, the\nCompany confirms that it will also file material change reports on SEDAR\ncontaining such information.\nAs a result of the Company's inability to file the Annual Financial\nStatements on time, the Company plans to proceed with its propos...