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WGI Heavy Minerals announces delay in releasing its annual financial results
WGI Heavy Minerals announces delay in releasing its annual financial results.
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\n\n\n\n\nCOEUR D'ALENE, ID, March 31 /CNW/ - WGI Heavy Minerals, Inc. (TSX: WG)\ntoday announced it would release its annual financial results for the year\nended December 31, 2005 later than the statutory filing deadline of March 31,\n2006 for the reasons discussed below. The Company has informed the securities\nregulators of the pending delay and formally requested an extension.\nThe events, which contributed to the delay in the preparation of WGI's\naudited annual financial statements, are as follows:\n1. Unexpected difficulties were encountered in completing the audit\n procedures required in connection with the financial statements for\n Transworld Garnet India Pvt. Limited and for the other operations in\n India;\n2. Unexpected difficulties were encountered in completing the audit\n procedures required in connection with the acquisition and operations\n of International Waterjet Parts, Inc. which was acquired in 2005 and\n operates in a new line of business compared to WGI's other operations;\n3. WGI's Chief Executive Officer's employment was terminated and he was\n replaced in June 2005;\n4. WGI's Chief Financial Officer was hired in November 2005; and\n5. There were significant changes in the management of Transworld Garnet\n India Pvt. Limited during the last fiscal year. WGI expects to file\n the financial statements on or before May 31, 2006.\n\nThe British Columbia Securities Commission will be imposing a management\ncease trade order, affecting insiders of WGI Heavy Minerals, Inc. and may\nimpose an issuer cease trade order if WGI does not file the Financial\nStatements on or before May 31, 2006, which date is two months after the\nfiling deadline for the Financial Statements. An issuer cease trade order may\nbe imposed sooner than May 31, 2006 if WGI fails to file its Default Status\nReports on time. The Company intends to issue a default status report on a \nbi-weekly basis during the default period and acknowledges that a failure to\ndo so my result in an issuer cease trade order being imposed against the\nCompany sooner.\nThe Company is working hard with the auditors to complete the audit and\nfile the annual audited financial statements, MD&A and AIF. The Company is\nintent on filing at the earliest possible moment.\nWGI Heavy Minerals, Inc. is a fully integrated miner, producer, and\nmarketer of industria...