Business
Fortune Minerals Announces Potential Year-end Filing Delay
LONDON, Ontario / Mar 23, 2023 / Business Wire / Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) announ
About this update from Fortune Minerals Limited
[{"type":"text","content":"LONDON, Ontario / Mar 23, 2023 / Business Wire / Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) announces that the filing of its audited annual financial statements, management discussion and analysis for the year ended December 31, 2022, the related certifying officer certificates, and the Company’s annual information form for the year ended December 31, 2022 (collectively, the “Annual Filings”) may not be completed by the prescribed filing deadline, March 31, 2023 (the “Filing Deadline”). A delay in completing the Annual Filings would be as a result of a delay in the commencement of the audit, however the Company has completed a private placement and has addressed its short-term cash requirements, and the audit is in progress. Following the commencement of the audit, the Company determined that the Annual Filings may not be completed by the Filing Deadline. Fortune applied to the Ontario Securities Commission (the “OSC”) for the issuance of a management cease trade order (“MCTO”) in connection with the Company's possible delay in the Annual Filings. However, the OSC determined that it would not grant the Company’s application because the request was made less than two weeks prior to the Filing Deadline. As a result, the Company anticipates that, in the event it is unable complete the Annual Filings by the Filing Deadline, the OSC would impose a failure to file cease trade order (“CTO”) pursuant to National Policy 11-207. A CTO would prohibit the trading by any person of any securities of the Company in Canada, including trades in the Company's common shares made through the Toronto Stock Exchange. Once issued, the CTO will remain in place until such time as the Annual Filings are filed by the Company. The audit is in progress and Fortune is working with its auditors to complete the Annual Filings as soon as possible. The Company’s board of directors and its management are working expeditiously to meet its continuous disclosure obligations in relation to the Annual Filings. The Company expects to have a better understanding as to the timing for completion of the Annual Filings within the next week, including whether the Annual Filings will be completed by the Filing Deadline, and intends to issue another press release as soon as this information is available. The Company...