Santacruz Silver Granted Management Cease Trade Order
Santacruz Silver Granted Management Cease
Trade Order
VANCOUVER, BC
,
June 2, 2025
/CNW/ -
Santacruz Silver Mining Ltd.
(TSXV: SCZ) (OTCQB:
SCZMF) (FSE: 1SZ) ("Santacruz" or the "Company") announces that it has applied to, and received
from the British Columbia Securities Commission (the "Principal Regulator"), a temporary
management cease trade order (the "MCTO") under National Policy 12-203 –
Management Cease
Trade Orders
("NP 12-203"), on the basis that it was unable to file its interim financial statements,
accompanying management's discussion and analysis and required certifications for the interim
period ended
March 31, 2025
(the "Q1 Required Filings") on or before the prescribed filing deadline
of
May 30, 2025
(the "Filing Deadline"), as required by National Instrument 51-102 -
Continuous
Disclosure Obligations
and National Instrument 52-109 -
Certification of Disclosure in Issuer's
Annual and Interim Filings
, respectively.
The MCTO prohibits trading in securities of the Company by the Chief Executive Officer and Chief
Financial Officer of the Company until such time as the Q1 Required Filings and all continuous
disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the
period in which the MCTO is effective, the general public, who are not insiders of the Company, will
continue to be able to trade in the Company's listed securities.
As disclosed by the Company in a press release dated
May 1, 2025
, the Company failed to file its
audited financial statements, accompanying management's discussion and analysis and required
certifications for the year ended
December 31, 2024
(collectively, the "Required Annual Filings") by
the filing deadline of
April 30, 2025
and was granted an MCTO by the Principal Regulator. The
MCTO in connection with the failure to file the Required Annual Filings was revoked by the Principal
Regulator on
May 29, 2025
upon the Company filing its Required Annual Filings. The Company
advises that the failure to file its Q1 Required Filings by the Filing Deadline is due to the Company
and its auditor having been primarily focused on completing the preparation and filing of the Required
Annual Filings. As a result, the Company and its auditor have not had sufficient time to complete the
preparation of the Q1 Required Filings by the Filing Deadline. The Company anticipates that it will be
in a position to remedy the default by filing the Q1 Required Filings on or before
June 12, 2025
. The
MCTO will be in effect until the Q1 Required Filings are completed.
The Company intends to satisfy the provisions of the alternative information guidelines set out in
section 10 of NP 12-203 so long as the Q1 Required Filings are outstanding.
About Santacruz Silver Mining Ltd.
Santacruz Silver
is engaged in the operation, acquisition, exploration, and development of mineral
properties in
Latin America
. The Bolivian operations are comprised of the Bolivar, Porco and the
Caballo Blanco Group, which consists of the Tres Amigos and Colquechaquita mines. The Soracaya
exploration project and
San Lucas
ore sourcing and trading business are also in
Bolivia
. The
Zimapan
mine is in
Mexico
.
'signed'
Arturo Préstamo Elizondo,
Executive Chairman and CEO
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.
Forward Looking Information
This news release includes certain statements and information that may constitute forward-looking
information within the meaning of applicable Canadian securities laws. Forward-looking statements
relate to future events or future performance and reflect the expectations or beliefs of management
of the Company regarding future events. Generally, forward-looking statements and information
can be identified by the use of forward-looking terminology such as "intends", "expects" or
"anticipates", or variations of such words and phrases or statements that certain actions, events or
results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and
these statements, referred to herein as "forward-looking statements", are not historical facts, are
made as of the date of this news release and include without limitation, the Company's ability to
file subsequent status reports and the Q1 Required Filings and the timing thereof.
These forward
looking statements involve numerous risks and uncertainties and actual results
might differ materially from results suggested in any forward-looking statements. These risks and
uncertainties include, among other things: the Company being unable to file the status reports and
the Q1 Required Filings in the proposed timeframe; recent market volatility; and the state of the
financial markets for the Company's securities.
In making the forward-looking statements in this news release, the Company has applied several
material assumptions, including without limitation, that the Company will be able to file the status
reports and the Q1 Required Filings in the proposed time frame.
Although management of the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking statements or forward-
looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove to be accurate,
as actual results and future events could differ materially from those expressed or implied in such
statements. Accordingly, readers should not place undue reliance on forward-looking statements
and forward-looking information. Readers are cautioned that reliance on such information may not
be appropriate for other purposes. The Company does not undertake to update any forward-
looking statement, forward-looking information or financial out-look that are incorporated by
reference herein, except in accordance with applicable securities laws. Readers are encouraged to
read the Company's continuous disclosure documents filed with the securities regulatory
authorities in certain provinces of
Canada
and available at
www.sedarplus.ca
.
SOURCE
Santacruz Silver Mining Ltd.
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For further information:
For further information please contact: Arturo Préstamo, Santacruz Silver
Mining Ltd., Email: [email protected], Telephone: +52 81 83 785707; Andrés Bedregal,
Santacruz Silver Mining Ltd., Email: [email protected], Telephone: +591 22444849
CO: Santacruz Silver Mining Ltd.
CNW 20:05e 02-JUN-25