Business
Default Announcement Pursuant to National Policy 12-203
VANCOUVER, BC / ACCESSWIRE / June 12, 2020 / Majestic Gold Corp. ("Majestic" or the "Issuer"...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Default Announcement Pursuant to National Policy 12-203VANCOUVER, BC / ACCESSWIRE / June 12, 2020 / Majestic Gold Corp. (\"Majestic\" or the \"Issuer\") (TSXV:MJS) announced today that it will not be in a position to file its audited annual financial statements, management's discussion and analysis and related certifications for the fiscal year ended December 31, 2019 (the \"Annual Statements\") on or before June 15, 2020, the required filing due date pursuant to BC Instrument 51-515-Temporary Exemption from Certain Corporate Finance Requirements, as a result of travel restrictions imposed under the COVID-19 pandemic making it difficult for the Company's auditors to travel to China where the Company's subsidiary mining operations are located.Accordingly, the Issuer has requested the issuance of a management cease trade order under the provisions of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (\"NP 12-203\") so as to permit the continued trading in the Issuer's common shares by persons other than insiders and employees of the Issuer. The Issuer is working closely with its auditor, and expects to complete and file the audit of the Annual Statements by July 15, 2020.The Issuer confirms that it intends to satisfy the provisions of section 4.4 of NP 12-203 and issue bi-weekly default status reports for so long as the Issuer remains in default of the financial statement filing requirement. Such report will disclose any material changes to the information in this release; all actions taken by the Issuer to remedy the default; particulars of any failure by the Issuer to fulfill these provisions; any subsequent defaults of the Issuer requiring a default announcement; and any other material information concerning the affairs of the Issuer not previously disclosed. The Issuer is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the Issuer that has not been generally disclosed.About Majestic Gold Corp.Currently focused mainly in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. Additional information on the Company and its projects is available under the Company's profile at www.sedar.com and on the Company's website at www.majesticgo...