Vatic Ventures Postpones Filing Q4 Statements Due to COVID-19 Pandemic
VATIC VENTURES CORP.
VATIC VENTURES CORP. 1500-1040 WEST GEORGIA STREET VANCOUVER, BC V6E 4H1 CANADA
PHONE: (778) 373-6972 FAX: (604) 689-1288 EMAIL: [email protected]
VATIC VENTURES POSTPONES FILING Q4 STATEMENTS DUE TO COVID-19 PANDEMIC
Vancouver, BC, July 30, 2020 - Vatic Ventures Corp. (the "Company" or "Vatic") (TSXV:VCV; FRA:V8V3) Further to its June 22, 2020 news release, Vatic announces that it was not able to file its annual financial statements, accompanying management’s discussions and analysis and related CEO and CFO certifications for the financial year ended February 28, 2020 (collectively the “2020 Annual Financial Statements”), within the period prescribed for the filing of such documents under Parts 4 and 5 of regulation 51-102 respecting Continuous Disclosure Obligations and pursuant to Regulation 52-109 respecting Certification of Disclosure in Issuers’ Annual and Interim Filings, namely within 120 days of year-end, being June 28, 2020, such filing date having been extended under exemptive relief recently granted by Canadian securities regulatory authorities that allows it to delay the filing of its annual documents required by National Instrument 51-102 to August 12, 2020.
As a result of the postponement in the filing of its 2020 Annual Financial Statements, Vatic has made an application to the British Columbia Securities Commission (the “BCSC”) for a management cease trade order (the “MCTO”), which would restrict all trading in securities of the Company, whether direct or indirect, by management of the Company. The MCTO would not affect the ability of shareholders who are not insiders of the Company to trade their securities. There is no certainty that the MCTO will be granted. If the MCTO is not issued by the BCSC, the applicable Canadian securities regulatory authorities could issue a general cease trade order against the Company for failure to file the 2020 Annual Financial Statements within the prescribed time period.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 4.3 and 4.4 of Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default as a result of the late filing of the 2020 Annual Financial Statements. During the period of default, Vatic will issue bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
There have been no material business developments since the date of the last interim financial statements, filed on January 28, 2020, however, the Company has issued news releases subsequent to January 28, 2020, copies of which are available on SEDAR at www.sedar.com.
ABOUT VATIC VENTURES CORP.
The Company is actively reviewing and evaluating exploration and development opportunities in the mineral resources industry.
ON BEHALF OF THE BOARD OF DIRECTORS OF VATIC VENTURES CORP.
"T. Barry Coughlan"
T. Barry Coughlan, CEO & Director
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward- looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.