Lake Winn Announces Delay in Annual Financial Statements
LAKE WINN RESOURCES CORP.
1111 Melville Street, 11th Floor Vancouver, British Columbia Canada V6E 3V6
Tel: (604) 689-1799 / Fax: (604) 689-8199
Lake Winn Announces Delay in Annual Financial Statements
Vancouver, British Columbia – May 4, 2021 – Lake Winn Resources Corp. (TSX-V: LWR, OTC: EQTXF), (the “Company” or “Lake Winn”), announces that its annual financial statements for the year ended December 31, 2020, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Financial Filings”) were not filed by the required filing deadline of April 30, 2021 (the “Filing Deadline”).
The Annual Financial Filings were not filed on or before the Filing Deadline due to unforeseen delays in the completion of the Company’s audit of the annual financial statements for the year ended December 31, 2020. The unforeseen delay was due to the fact that the period for which the audited annual financial statements pertain encompassed a complete reorganization of the Company’s business and operations. During the period the Company completely restructured operations by affecting a share consolidation and acquiring two new resource projects. The Company also successfully completed two refinancing transactions by private placement to finance the Company’s new operations. Prior to the reorganization occurring during this period, the Company was a shell company, having essentially no business or operations. Due to these foregoing events the Company has suffered serious delays in the preparation of the audited annual financial statements.
The Company is working on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings on or before May 17, 2021. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The Company has applied to the applicable securities regulatory authorities and received a management cease trade order (“MCTO”) imposed against the Chief Executive Officer and Chief Financial Officer of the Company precluding them from trading securities of the Company. The MCTO will be in effect until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or before July 2, 2021.
Until the Annual Financial Filings are filed, the Company intends to provide information in accordance with National Policy 12-203 Management Cease Trade Orders.
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.
For further information contact:
Patrick Power CEO and Director Lakewinn Resources Corp.
Telephone: (604) 218-8772
Cautionary Statement Regarding “Forward-Looking” Information
Certain statements contained in this press release may constitute forward-looking statements. Such forward-looking statements are based upon the Company’s reasonable expectations at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company’s plans or prospects to change include changes or disruptions in the securities markets; legislative, political or economic developments. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.