Mr. Peter Main reports
RIZAL ANNOUNCES APPLICATION FOR VOLUNTARY MANAGEMENT CEASE TRADE ORDER
Rizal Resources Corp. has applied for a voluntary management cease trade order in accordance with National Policy 12-203 due to it not being able to file its annual financial statements and management's discussion and analysis on SEDAR within 120 days of its financial year-end.
The company is continuing work on portions of the financial audit not yet completed in the Philippines. The reason additional time is required is due to a number of circumstances at the company's operations, including changes in key personnel of the company's subsidiary, Tribal Mining Company, which include the president, mine manager and mill manager. As a result of the changes in country, the national finance manager was replaced with the appointment of a new finance manager. As a result, the company concluded that it would not be in a position to complete the year-end audit within the time periods required by National Instrument 51-102. The company currently anticipates that it will be in a position to file its annual financial statements and MD&A on or before July 2, 2019.
The company intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203 until the revocation of the management cease trade order. The company is not subject to any insolvency proceedings.
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