14:12:04 EDT Mon 25 May 2020
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Sunset Pacific Petroleum Ltd
Symbol SPK
Shares Issued 73,936,936
Close 2019-05-14 C$ 0.03
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Sunset Pacific hopes to file 2018 financials by June 15

2019-05-15 13:45 ET - News Release

Mr. Dennis Luk reports


Sunset Pacific Petroleum Ltd. has provided a status update to the management cease trade order issued by the British Columbia Securities Commission on May 1, 2019. On May 1, 2019, the company announced that its annual financial statements, the related management discussion and analysis, and the related officer certifications for the financial year ended Dec. 31, 2018, will be delayed beyond the filing deadline of April 30, 2019.

As previously reported, the reason for the default in filing the annual filings prior to the required deadline is that the company has insufficient funds to pay for such audit. The company is still in the process of obtaining financing to finance payment of the audit. Upon receipt of funds and regulatory approval, if required, it will pay the auditor to complete the audit. It is anticipated that the company will complete the year-end audit by June 15, 2019. Although the company cannot be certain of timing, there is reason to be confident in the audit being completed in this time frame.

The company confirms that, for as long as the management cease trade order is in effect, it intends to satisfy the provisions of the alternative information guidelines set out in National Policy 12-203, Management Cease Trade Orders, by providing updates of the status of this default on a biweekly basis by way of a news release and material change report.

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