14:01:21 EST Tue 29 Nov 2022
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Kapa Gold Inc
Symbol KAPA
Shares Issued 55,760,744
Close 2022-09-02 C$ 0.07
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Kapa Gold unable to file fiscal 2022 results

2022-09-02 18:39 ET - News Release

Mr. David Paxton reports


Kapa Gold Inc. has not yet been able to complete the audit of the predecessor entity Kapa Capital's annual financial statements for the financial year ended April 30, 2022, and the associated management discussion and analysis, which documents were due to be filed on Aug. 29, 2022.

The delay in filing the documents is due to the company and its auditor requiring additional time to complete their preparation and audit of the annual financial statements for the financial year ended April 30, 2022, due to the timing of the qualifying transaction with Quantus Resources Corp. on May 19, 2022. Accordingly, the company informed the British Columbia Securities Commission of its anticipated delay in filing the documents and applied for a management cease trade order (MCTO) from the BCSC pursuant to National Policy 12-203 -- Management Cease Trade Orders, pending the filing of the documents, which MCTO would prohibit the company's management from trading in the securities of the company until such time as the documents are filed. As a result of certain minimal trading volume thresholds not being met since the qualifying transaction with Quantus, the BCSC did not grant the MCTO to the company.

Kapa Gold anticipates that the BCSC will issue a cease trade order (CTO) against the company effective on Sept. 5, 2022, and that the shares will be halted for trading on the TSX Venture Exchange at the same time. The CTO will be in place until the company has filed the documents. Kapa Gold is working diligently and expeditiously with its auditor and expects to file the documents during the week of Sept. 19, 2022.

On May 19, 2022, Quantus completed a qualifying transaction, pursuant to TSX Venture Exchange Policy 2.4 -- Capital Pool Companies, whereby Kapa Capital acquired 100 per cent of Quantus's outstanding common shares by issuing to each shareholder of Quantus one common share of the company for one common share of Quantus. The name of the company was changed to Kapa Gold and the year-end has been amended to Dec. 31.

About Kapa Gold Inc.

Kapa Gold, led by experienced capital markets and geologic team, is focused on exploring its 100-per-cent-owned historic Blackhawk gold mine and surrounding underexplored properties for economic mineralization.

We seek Safe Harbor.

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