Mr. David Paxton reports
KAPA GOLD REPORTS DELAY IN FILING AUDITED 2022 ANNUAL FINANCIAL STATEMENTS FOR THE
PREDECESSOR ENTITY KAPA CAPITAL LTD.
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.
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
We seek Safe Harbor.
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