Default Announcement Pursuant to National Policy 12-203
Default Announcement Pursuant to National
Policy 12-203
Vancouver, British Columbia--(Newsfile Corp. - December 30, 2021) - Founders Metals Inc. (TSXV:
FDR) ("Founders" or the "Company") announced today that it will not be in a position to file its audited
annual financial statements, management's discussion and analysis and related certifications for the
fiscal year ended August 31, 2021 (the "Annual Statements") on or before the filing deadline of
December 29, 2021, as the Company's auditors are unable to complete the Annual Statements by the
filing deadline through no fault of the Company.
Accordingly, the Company has requested the issuance of a management cease trade order under the
provisions of National Policy 12-203
Cease Trade Orders for Continuous Disclosure Defaults
("NP 12-
203") so as to permit the continued trading in the Company's common shares by persons other than
insiders and employees of the Company. The Company is working closely with its auditor, and expects
to complete and file the audit of the Annual Statements by January 31, 2022.
The Company confirms that it intends to satisfy the provisions of section 4.4 of NP 12-203 and issue bi-
weekly default status reports for so long as the Company remains in default of the financial statement
filing requirement. Such report will disclose any material changes to the information in this release; all
actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill
these provisions; any subsequent defaults of the Company requiring a default announcement; and any
other material information concerning the affairs of the Company not previously disclosed. The Company
is not be subject to any insolvency proceedings nor is there in other material information concerning the
affairs of the Issuer that has not been generally disclosed.
About Founders Metals Inc.
Founders Metals Inc. is a Canadian exploration company focused on advancing the resource potential of
the Elmtree Gold Project in northeastern New Brunswick. The road-accessible project consists of three
expansion-ready gold deposits and numerous additional exploration targets. Founders is a member of
the Metals Group of companies, an award-winning team of professionals who prioritize technical
excellence, careful project selection, and uncompromising corporate governance. The team has a
recognized ability to capitalize on investment opportunities and deliver shareholder returns.
For further information, please contact:
Nick Stajduhar, Director
Telephone: +1 (780) 701-3216
Email:
FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute forward-looking information. These
statements relate to future events or future performance. The use of the word, "will" and similar
expressions and statements relating to matters that are not historical facts are intended to identify
forward-looking information and are based on the Company's current belief or assumptions as to the
outcome and timing of such future events. Actual future results may differ materially. In particular, this
news release contains forward-looking information relating to the anticipated date for filing the annual
financial statements for the year ended August 31, 2021 and related management's discussion and
analysis.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those assumptions and factors are based on
information currently available to the Company. The Company cautions the reader that the above list of
risk factors is not exhaustive. Those assumptions and factors are based on information currently
available to the Company. The forward-looking information contained in this release is made as of the
date hereof and the Company is not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as required by applicable
securities laws, or as otherwise may be disclosed in this news release. Because of the risks,
uncertainties and assumptions contained herein, investors should not place undue reliance on forward-
looking information. The foregoing statements expressly qualify any forward-looking information
contained herein.
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
releas
e.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any
failure to comply with this restriction may constitute a violation of U.S. securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/108709