Mr. Mathew Ball reports
GOLDEN DAWN DELAYS FILING ANNUAL AUDITED FINANCIAL STATEMENTS AND APPOINTS NEW CFO
Golden Dawn Minerals Inc. has delayed the filing of its audited financial statements for the year ended Nov. 30, 2018, its related management's discussion and analysis, and the chief executive officer and chief financial officer certifications. The company anticipates to be in a position to complete the required filings by May 31, 2019.
The principal reason behind the company's delay in meeting its reporting deadline can be directly attributed to the unexpected departures of the company's chief executive officer, Wolf Wiese, due to a serious health issue, and Andrea Yuan, the company's chief financial officer, to pursue other business interests, leaving the company unable to raise necessary working capital, or to complete in a timely manner the company's fiscal year-end 2018 audit.
The company's required filings will be made as soon as the board of directors has approved the financial statements and its auditor has delivered its final audit report.
As a key step in the company's plan to bring its financial disclosures up to date, it is pleased to announce the appointment of Nicolette Keith, CGA, as its interim chief financial officer. Ms. Keith has over 20 years of accounting and managerial experience in both the public and private sectors. She has previously acted as chief financial officer of public companies listed on the TSX Venture Exchange and held a senior accounting role for a company listed on the New York Stock Exchange. Areas of focus for Ms. Keith will include regulatory reporting, capital management, business process improvements, system optimization, internal controls and management reporting. Ms. Keith earned an arts and science bachelor's degree from the University of Victoria and obtained the certified general accountant (CGA) designation thereafter. In addition, the company is continuing is search for a new permanent CEO. In addition, the company anticipates that it will undertake a private placement financing within the next 60 days to raise the near-term working capital necessary to finance the continuing maintenance of its properties and its legal and accounting requirements.
Application for management cease trade order
The company has made an application to the B.C. Securities Commission, among others, for a management cease trade order, which would restrict all trading in securities of the company, whether direct or indirect, by the chief executive officer, chief financial officer and directors of the company. There is no guarantee that a management CTO will be granted. The issuance of a management CTO does not generally affect the ability of persons who are not executive officers or directors of the company to trade in securities of the company.
If the management CTO is granted, the company intends to comply with the provisions of the alternative information guidelines set out in the policy statement 12-203 (Management Cease Trade Orders) for as long as it remains in default, including the issuance of a biweekly default status report, each of which will be issued in the form of a news release. The company will also continue to disclose any other material information concerning its affairs and continuing business activities.
We seek Safe Harbor.
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