Business
PNG Copper Announces Delay of Filings
Toronto, Ontario--(Newsfile Corp. - November 15, 2022) - PNG Copper Inc. (CSE: PNGC) ("PNG Copper" or the "Company") announces that it will be unable to file it
About this update from Loyalist Exploration Limited
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - November 15, 2022) - PNG Copper Inc. (CSE: PNGC) (\"PNG Copper\" or the \"Company\") announces that it will be unable to file its interim financial report, management discussion and analysis and related Certifying Officer certificates for the third quarter ended September 30, 2022 (the \"Required Filings\") which are required to be filed on or before November 29, 2022 (the \"Filing Deadline\"). In connection with the anticipated delay, the Company has applied to the Ontario Securities Commission requesting that a management cease trade order (\"MCTO\") be imposed to restrict trading in the Company's securities by the CEO, CFO and directors of the Company, as opposed to a general cease trade order, which would restrict all trading in the Company's securities. If granted, the MCTO will be in effect until the Required Filings are filed or until it is revoked or varied. The Company will be unable to complete the Required Filings by the Filing Deadline because its financing plan has been unexpectedly delayed by discussions (\"Discussions\") with certain investors in respect of its previously announced option agreement, pursuant to which Discussions there has been a delay in investments by the investors. The Company is also pursuing other financing options. Following the Discussions, the Company plans to conclude a financing and then complete the Required Filings. Notwithstanding the above, it is important to note that there can be no assurance that the Company's financing efforts will be successful. The Company anticipates, upon financing, that it will be in a position to remedy the default and file the Required Filings, on or before January 29, 2023. The Company intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of National Policy 12-203 Management Cease Trade Orders so long as the Required Filings are outstanding. The Company has not taken any steps towards any insolvency proceeding and the Company has no other material information to release to the public. About PNG Copper Inc. PNG Copper Inc. is a mineral exploration company focused on acquiring, exploring, and developing quality mineral properties in Papua New Guinea. The Company's core values are respect for the Community, the Landowners, the environment and operating a safe workplace for...