Business
Corporate Update: Update on Publication Of 2021 Audited Annual Results And 2021 Annual Filings; And Publication Of 2022 Q1 Financial Results
VANCOUVER, BC / ACCESSWIRE / May 27, 2022 / SouthGobi Resources Ltd. (TSX:SGQ, HK:1878) (" S...
About this update from Southgobi Resources Ltd.
[{"type":"text","content":"Corporate Update: Update on Publication Of 2021 Audited Annual Results And 2021 Annual Filings; And Publication Of 2022 Q1 Financial ResultsVANCOUVER, BC / ACCESSWIRE / May 27, 2022 / SouthGobi Resources Ltd. (TSX:SGQ, HK:1878) (\"SouthGobi\" or the \"Company\") announces that reference is made to the announcements of the Company dated March 11, March 24, March 28, March 30, March 31, April 14, April 29, May 17, May 18, May 24, and May 25, 2022 in relation to, among others, the delay in publication of the 2021 Audited Annual Results and delay in 2021 Annual Filings (the \"Announcements\"). Unless otherwise defined herein, capitalized terms used in this announcement shall have the same respective meanings as defined in the Announcements.BI-WEEKLY DEFAULT STATUS REPORTThe Company provides this bi-weekly default status report in relation to the management cease trade order dated April 1, 2022 (\"MCTO\") granted by the British Columbia Securities Commission (\"BCSC\") pursuant to National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults (\"NP 12-203\"). With the granting of the MCTO, the Company has until May 30, 2022, being the expiry date of the MCTO, to file the 2021 Annual Filings. The Company is required to file bi-weekly default status reports in accordance with NP 12-203 until such time that as the default in filing the 2021 Annual Filings is remedied. Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer of the Company are not permitted to trade any securities of the Company unless and until such time as the Company files the 2021 Annual Filings. While the MCTO is in effect, the shareholders of the Company will continue to be able to trade the Company's common shares on the TSX and the HKEx.UPDATE ON PUBLICATION OF 2021 AUDITED ANNUAL RESULTS AND 2021 ANNUAL FILINGSAs disclosed in the Announcements, the Company has made concerted efforts to obtain an unmodified opinion from the Auditors on the 2021 Financial Statements prior to May 30, 2022, being the expiry date of the MCTO, and to address the going concern issues raised by the Auditors. Taking into account the efforts made and interim progress, the Company has resolved the going concern issue and anticipates obtaining an unmodified opinion from the Auditors on the 2021 Financial Statements on May 30, 2022. As such, the Compa...