Cerrado Gold Inc. is providing this update on the status of the cease trade order (the “CTO“) imposed on May 7, 2024 by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 11-207, following the Company’s failure to file its audited annual financial statements and accompanying management’s discussion and analysis for the year ended December 31, 2023 and related filings (collectively, the “Annual Filings“). Under National Instrument 51-102, the Annual Filings were required to be filed by April 29, 2024.
Company management continues to work diligently with its auditors, KPMG LLP, to complete the Annual Filings. The Company currently expects the Annual Filings to be completed and filed on or about June 6, 2024.
As a result of the delay in filing the Annual Filings, the Company expects that it will be unable to file its interim financial statements and accompanying management’s discussion and analysis for the three months ended March 31, 2024, and related filings (collectively, the “Interim Filings“) by the May 30, 2024 filing deadline.
The Corporation applied to the OSC for a management cease trade order (an “MCTO“) in respect of the delay in filing of the Interim Filings, but was refused on the basis that it already had a CTO outstanding. The Company has been advised that the CTO shall continue until the Interim Filings have been filed.
The Company expects that it will take approximately two weeks to complete the Interim Filings following the date of filing of the Annual Filings.
The Company is not subject to any insolvency proceedings. There is no material information concerning the affairs of the Company that has not been generally disclosed.