Cerrado GOLD Provides Update ON Cease Trade Order and Announces Resultant Possible Late Filing of Q1 Interim Financial Statements and Mcto Application
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May 15, 2024 www.cerradogold.com
CERRADO GOLD PROVIDES UPDATE ON CEASE TRADE ORDER AND ANNOUNCES
RESULTANT POSSIBLE LATE FILING OF Q1 INTERIM FINANCIAL STATEMENTS AND MCTO
APPLICATION
TORONTO, ONTARIO – Cerrado Gold Inc. [TSX.V: CERT][OTCQX: CRDOF] (“Cerrado” or the
“Company”) is providing an update on the status of the cease trade order (the “CTO”) imposed on
May 7 , 2024 , the Ontario Securities Commission (the “ OSC”), under National Policy 11 -207,
following the Company’s failure to file its audited annual financial statements for the year ended
December 31, 2023, its management's discussion and analysis of financial statements for the year
ended December 31, 2023, its annual information form for the year ended December 31, 2023, and
related filings (collectively, the " Required Annual Filings"). Under National Instrument 51 -102, the
Required Annual Filings were required to be made by April 29, 2024.
Management of the Company continues to work diligently with its auditors to complete the
Required Annual Filings, at which time it expects the CTO to be lifted within two days following filing.
The Company expects the Required Annual Filings to be completed on or around May 31, 2024.
There is no material information concerning the affairs of the Company that has not been generally
disclosed.
As a result of the delay in filing the Required Annual Filings, the Company expects that it will be
unable to file its interim financial statements for the three months ended March 31, 2024, its
management's discussion and analysis of financial statements for the three months ended March
31, 2024, and related filings (collectively, the "Required Interim Filings") by the May 31, 2024 filing
deadline.
The Corporation has applied to the OSC for a management cease trade order (an “MCTO”) in respect
of the delay in filing of the Required Interim Filings.
If the MCTO is granted, the Company will comply with the alternative information guidelines set out
in National Policy 12-203 – Management Cease Trade Orders for issuers who have failed to comply
with a specified continuous disclosure requirement within the times prescribed by applicable
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securities laws. The guidelines, among other things, require the Company to issue bi-weekly default
status reports by way of a news release so long as the Required Interim Filings have not been filed.
During the MCTO, the general investing public will continue to be able to trade in the Company’s
listed common shares. However, the Company’s Chief Executive Officer, Chief Financial Officer, and
Directors will not be able to trade in the Company’s common shares.
The Company will provide an update on its application of the MCTO in an upcoming news release.
The Company is satisfying and confirms that it intends to continue to satisfy the provisions of the
alternative information guidelines under NP 12 -203 and issue bi -weekly default status reports for
so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing,
each of which will be issued in the form of a press release. The Company does not have any
information at this time regarding any anticipated specified default subsequent to the default in
filing the Required Annual Filings and Required Interim Filings . The Company is not subject to any
insolvency proceedings and there is no material information concerning the affairs of the Company
that has not been generally disclosed.
About Cerrado
Cerrado Gold is a Toronto-based gold production, development, and exploration company focused
on gold projects in South America. The Company is the 100% owner of both the producing Minera
Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentin a, and the highly prospective
Monte Do Carmo development project, located in Tocantins State, Brazil. In Canada, Cerrado Gold
is developing it's 100% owned Mont Sorcier Iron Ore and Vanadium project located outside of
Chibougamou, Quebec.
In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through
continued operational optimization and is growing production through its operations at the Las
Calandrias Heap Leach project. An extensive campaign of exploration i s ongoing to further unlock
potential resources in our highly prospective land package in the heart of the Deseado Masiff.
In Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron Ore and Vanadium project, which
has the potential to produce a premium iron ore concentrate over a long mine life at low operating
costs and low capital intensity. Furthermore, its high grade and high purity product facilitates the
migration of steel producers from blast fu rnaces to electric arc furnaces contributing to the
decarbonisation of the industry and the achievement of SDG goals.
For more information about Cerrado please visit our website at: www.cerradogold.com.
Mark Brennan
CEO and Chairman
Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
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Disclaimer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains statements that constitute “forward -looking information” (collectively,
“forward-looking statements”) within the meaning of the applicable Canadian securities legislation.
All statements, other than statements of historical fact, are forward -looking statements and are
based on expectations, estimates and projections as at the date of this news release. Any statement
that discusses predictions, expectations, beliefs, plans, pr ojections, objectives, assumptions, future
events or performance (often but not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”,
“estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain
actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be
achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements
regarding the business and operations of Cerrado and the completion and filing of the Annual Filings.
In making the forward- looking statements contained in this press release, Cerrado has made certain
assumptions. Although C errado believes that the expectations reflected in forward -looking
statements are reasonable, it can give no assurance that the expectations of any forward -looking
statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which
may cause the actual results and future events to differ materially from those expressed or implied
by such forward -looking statements. Such factors include, but are not limited t o general business,
economic, competitive, political and social uncertainties. Accordingly, readers should not place
undue reliance on the forward -looking statements and information contained in this press release.
Except as required by law, Cerrado discla ims any intention and assumes no obligation to update or
revise any forward -looking statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in factors affecting such forward -
looking statements or otherwise.