KWG Announces Further Update to its Annual Filings and Delay in Q1 Filing under COVID-19 Duress
KWG ANNOUNCES FURTHER UPDATE TO ITS ANNUAL FILINGS AND
DELAY IN Q1 FILING UNDER COVID-19 DURESS
Toronto, Canada, May 28, 2020 – KWG Resources Inc. (CSE: KWG; KWG.A) (FRANKFURT:
KW6) (“KWG” or the “Company”) announces that, further to its news release dated April 28, 2020,
the Company is expecting to file its audited financial statements and management discussion and
analysis for the year ended December 31, 2019 (the “Annual Filings”) by the extension date of
June 13, 2020 pursuant to Ontario Instrument 51- 502 - Temporary Exemption from Certain
Corporate Finance Requirements (“ONI 51-502”) and continues to work diligently with its auditors
to prepare to file the Annual Filings by the said date.
Also, the Company does not believe that it will be able to file its interim financial statements and
management discussion and analysis for the period ended March 31, 2020 (the “Interim Filings”)
by their usual 60- day deadline of May 30, 2020, and will be relying on the temporary 45- day
extension pursuant to ONI 51-502. The Company is continuing to work diligently to file the Interim
Filings by July 14, 2020.
Accordingly, as required by the provisions of ONI 51-502, the Company’s management and other
insiders will be subject to a trading black -out that reflects the principles in Section 9 of National
Policy 11-207 until its Annual and Interim Filings are filed, which will be by June 13, 2020 and July
14, 2020, respectively.
Other than as previously disclosed by the Company in news releases, including the information
herein, there are no other material business developments since April 28, 2020, the date of the
Company’s news release announcing the delay in filing of the Annual Filings.
About KWG:
KWG is the Operator of the Black Horse Joint Venture (‘JV’) after acquiring a vested 50% interest
through Bold Ventures Inc (‘Bold’) from Fancamp Exploration Ltd (‘Fancamp’). KWG funds all JV
exploration expenditures and Bold is carried for a 20% interest in KWG’s interest.
KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted
a surveying and soil testing program, originally for the engineering and construction of a railroad
to the Ring of Fire from Aroland, Ontario.
KWG subsequently acquired intellectual property interests, including a method for the direct
reduction of chromite to metalized iron and chrome using natural gas and an accelerant. KWG
subsidiary, Muketi Metallurgical LP, has received a patent for the direct reduction method in
Canada, South Africa and Kazakhstan and is prosecuting remaining patent applications in India,
Indonesia, Japan, South Korea, Turkey and the USA. It has also received a USA patent for
production of low carbon chromium iron alloys and a corresponding Canadian patent application
is expected to issue soon.
KWG
PRESS RELEASE NO.301
Subordinate shares issued & outstanding (CSE-KWG) 1,020,332,127
Convertible into Multiple-voting shares (300:1) equal to: 3,401,107
Multiple-voting shares issued & outstanding: 237,049
If all shares convert to Multiple-voting (CSE-KWG.A) 3,638,156
For further information, please contact:
Bruce Hodgman, Vice-President: 416-642-3575 ~ [email protected]
Forward-Looking Statements: Information set forth in this news release may i nvolve forward-looking statements under
applicable securities laws. The forward- looking statements contained herein are expressly qualified in their entirety by this
cautionary statement. The forward-looking statements included in this document are made as of the date of this document
and KWG disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required by applicable securities legisl ation. Although
management believes that the expectations represented in such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation
of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
CSE) accepts responsibility for the adequacy or accuracy of this news release.