Awalé Resources Announces Management Cease Trade Order
AWALÉ RESOURCES ANNOUNCES
MANAGEMENT CEASE TRADE ORDER
VANCOUVER, BC
,
May 3, 2023
/CNW/ - Awalé Resources Limited (TSXV: ARIC) ("
Awalé
" or the
"
Company
"), announced today that it has been issued a Management Cease Trade Order
("
MCTO
") by the British Columbia Securities Commission ("
BCSC"
). The MCTO was issued
following a request by Awalé as it became aware that the Company may not meet the deadline of
May 1, 2023
to file its Audited Annual Financial Statements and Management Discussion & Analysis
for the financial years ended
December 31, 2022
and 2021 and the CEO and CFO certificates, all
as required by National Instrument 51-102 -
Continuous Disclosure Obligations
and National
Instrument 52-109 -
Certification of Disclosure in Issuers' Annual and Interim Filings
(collectively,
the "
Annual Filings
").
The MCTO prohibits trading by the Chief Executive Officer, Chief Financial Officer and possibly
certain company insiders, including officers and directors, until such time as the Company files the
Annual Filings. The Company faced recent unforeseen circumstances, which included the recently
announced changes in financing terms and to management on
April 25
th
which led to the inability to
submit all files to the auditors on time.
The Company is providing this default announcement in accordance with National Policy 12-203 -
Management Cease Trade Orders
("
NP 12-203
"). The Company is actively working with its auditors
to complete the Annual Filings as soon as possible and expects to file them on or before
May 5
th
,
2023. The financings most recently announced
April 25, 2023
, are expected to close after the Annual
Filings have been made and the MCTO has been lifted.
The Company's management is fully committed to working with the BCSC to address its concerns
and regain compliance with regulatory requirements. "While we regret the inconvenience and
disruption caused by this order, we are fully committed to working with the BCSC to address its
concerns and to complete our financial statements and related disclosure documents as soon as
possible," said
Robin Birchall
, Company Chairman. "We remain focused on closing our impending
financing subsequent to the filing of these financial statements."
The Company confirms that it intends to satisfy the provisions of the alternative information
guidelines contained in NP 12-203 for so long as it remains in default as a result of the late filing of
the Annual Filings. During the period of default, the Company 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 it is not subject to any insolvency proceedings at this time and that there is no other
material information concerning its affairs that have not been generally disclosed.
AWALÉ RESOURCES LIMITED
"Robin Birchall"
Robin Birchall
, Non-Executive Chairman and Director
Tel. +31654172357
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on the discovery of large
high-grade gold and copper-gold deposits. The Company currently undertakes exploration activities
in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a
fully funded earn-in Joint Venture with Newmont (the "
Newmont JV
") covering the Odienné Project in
the Northwest of Côte d'Ivoire, where three significant gold and gold-copper-silver-molybdenum
discoveries have been made. The Sceptre East and Charger discoveries have significant scope for
growth with future discovery and resource development drilling. The project has multiple pipeline
prospects that follow the same geochemical fingerprint as Iron Oxide Copper Gold ("
IOCG
") and
intrusive related targets. The 400km
2
of granted tenure and 400km
2
under application remains
underexplored and offers significant upside potential. The Newmont JV forms a solid foundation for
the Company to continue exploring in a pro-mining jurisdiction that offers significant potential for
district scale discoveries.
Forward–Looking Information
This press release contains forward–looking information within the meaning of Canadian securities
laws (collectively "
forward–looking statements
"). Forward–looking statements are typically
identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "plans", "postulate"
and similar expressions, or are those, which, by their nature, refer to future events. All statements
that are not statements of historical fact are forward–looking statements. Forward–looking
statements in this press release include but are not limited to statements regarding the Company's
Annual Filings; the impact of the MCTO on the Company, its shareholders, directors, officers and
securities; the expected duration of the MCTO; and the expected closing of the Company's
financing. Although the Company believes any forward–looking statements in this press release are
reasonable, it can give no assurance that the expectations and assumptions in such statements will
prove to be correct.
The Company cautions investors that any forward–looking statements by the Company are not
guarantees of future results or performance and that actual results may differ materially from those
in forward– looking statements as a result of various factors, including the potential inability to obtain
required regulatory approvals and satisfy other applicable closing conditions; possible adverse
impacts due the global outbreak of COVID–19; the Company's inability to generate sufficient cash
flow or raise sufficient additional financing requirements; volatility in metals prices; the ability of the
Company to retain its key management employees and skilled and experienced personnel; conflicts
of interest; litigation or other administrative proceedings brought against the Company; actual or
alleged breaches of governance processes or instances of fraud, bribery or corruption; exploration,
development and mining risks and the inherently dangerous nature of the mining industry, and the
risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and
uncertainties; property and mineral title risks including defective title to mineral claims or property;
changes in national and local government legislation, taxation, controls, regulations and political or
economic developments in
Canada
and Côte d'Ivoire; equipment shortages and the ability of the
Company to acquire necessary access rights and infrastructure for its mineral properties;
environmental regulations and the ability to obtain and maintain necessary permits, including
environmental authorizations and water use licences; extreme competition in the mineral exploration
industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations
or failures to comply with the terms of such permits; risks of doing business in Côte d'Ivoire,
including but not limited to, labour, economic and political instability and potential changes to and
failures to comply with legislation; the Shares may be delisted from the TSX Venture Exchange if it
cannot maintain compliance with the applicable listing requirements; and other risk factors described
other filings with Canadian securities regulators, which may be viewed at
www.sedar.com
. Any
forward–looking statement speaks only as of the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any intent or obligation to update any
forward–looking statement, whether because of new information, future events or results or
otherwise.
NEITHER 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.
SOURCE
Awale Resources
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http://www.newswire.ca/en/releases/archive/May2023/03/c5830.html
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For further information:
For additional information you are invited to visit the Awalé Resources
Limited website at www.awaleresources.com, or contact Karen Davies, Head of Investor Relations,
at Tel: 604.314.6270.
CO: Awale Resources
CNW 20:22e 03-MAY-23