Business
ScoZinc Announces Board and Management Cost Savings plus an Update on Its Upcoming Financial Reports
Halifax, Nova Scotia--(Newsfile Corp. - June 3, 2020) - ScoZinc Mining Ltd. ( TSXV: SZM ) (" S...
About this update from Edm Resources Inc
[{"type":"text","content":"ScoZinc Announces Board and Management Cost Savings plus an Update on Its Upcoming Financial ReportsHalifax, Nova Scotia--(Newsfile Corp. - June 3, 2020) - ScoZinc Mining Ltd. (TSXV: SZM) (\"ScoZinc\" or the \"Company\") is pleased to provide a corporate update on certain noteworthy cost saving measures and the timeline for its upcoming financial reporting under the ongoing COVID-19 Pandemic conditions.The President and CEO, Mr. Mark Haywood, stated: \"Now that we have successfully completed our 130% oversubscribed equity financing, I am pleased to announce that to further strengthen the Company's financial position during the COVID-19 Pandemic and to ensure that our capital raised is extended as much as possible, all the management team have reduced their monthly salary or contract payments by 20 percent, for a period of 3 months, effective 1st of May 2020. Further to these cost savings, our independent Board of Directors has also resolved to eliminate their directors' fees, effective from 1st January 2020. I believe these combined savings represent a strong statement to the market and to our shareholders that our Board and Management act with prudence and also believe in the Company's long-term prospects and strategic business initiatives.\" Further to its news release dated April 3, 2020, the Company has delayed the filing of its audited annual financial statements, management's discussion and analysis due to the effects on the audit team during the COVID-19 Pandemic, as well as the associated CEO and CFO certifications for the year ended December 31, 2019 (collectively, the \"Required Disclosure\") pursuant to BC Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements (\"BC 51-515\").In addition, the Company is announcing that filing of the interim financial statements, management's discussion and analysis, and related certifications for the interim period ended March 31, 2020 (the \"Interim Filings\") due June 1, 2020, will be postponed pursuant to BC 51-515, until filing of the Required Disclosure has been completed. The Company is continuing to work diligently during the COVID-19 Pandemic to file its Interim Filings by July 14, 2020.Other than as disclosed herein or under the Company's profile on SEDAR at www.sedar.com, the Company confirms that there have been no material business developments...