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H-Source Holdings Ltd
Symbol HSI
Shares Issued 70,452,463
Close 2020-06-30 C$ 0.035
Recent Sedar Documents

H-Source to file 2019, Q1 results by July 31

2020-06-30 23:26 ET - News Release

Mr. John Kupice reports

H-SOURCE PROVIDES BI-WEEKLY STATUS REPORT

H-Source Holdings Ltd. is providing this biweekly default status report in accordance with National Policy 12-203 (Management Cease Trade Orders). On June 17, 2020, the company announced that, for reasons set out in its news release of June 17, 2020, its annual audited financial statements for the year ended Dec. 31, 2019, the accompanying management's discussion and analysis, and the related chief executive officer and chief financial officer certifications would not be filed by the prescribed deadline of June 15, 2020.

On June 17, 2020, the B.C. Securities Commission, as principal regulator, granted a temporary management cease trade order (the MCTO). As previously announced, the company requires additional time to file the annual filings due to unforeseen impacts arising from the COVID-19 pandemic, which have continued to delay the audit of the company's annual financial statements. 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.

As a result of the delay in filing the annual filings, the company's March 31, 2020, first quarter interim financial statements, the accompanying management's discussion and analysis, and related CEO and CFO certificates will not be filed by the prescribed deadline of July 16, 2020. The company currently anticipates that it will be in a position to file both the annual filings and Q1 filings by the end of July.

Pursuant to National Policy 12-203, the company must file biweekly default status reports in the form of further news releases during the period of the MCTO. The company reports that since its news release of June 17, 2020, there have been no material changes regarding the information contained in that news release. The company confirms there have been no failures by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under National Policy 12-203, and, other than the disclosure set forth herein relating to the late filing of the Q1 filings, there has not been, nor is there anticipated to be, any specified default subsequent to the default announced in the company's news release of June 17, 2020. The company also confirms that there is no other material information concerning the affairs of the company that has not been generally disclosed as of the date of this news release.

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