Mr. Clyde Wesson reports
OTSO GOLD CORP. ANNOUNCES UPDATE REGARDING THE LATE FILING OF ANNUAL FINANCIAL STATEMENTS AND INTERIM FINANCIAL STATEMENTS
Further to its press release of May 29, 2020,
Otso Gold Corp. anticipates the filing of the audited annual financial statements and the corresponding management's discussion and analysis for the year ended Jan. 31, 2020, on or before July 16, 2020.
For the company's interim financial statements and corresponding management's discussion and analysis for the three-month period ended April 30, 2020, the company will also be relying on BCI 51-517 (Temporary Exemption from Certain Corporate Finance Requirements), enacted by the B.C. Securities Commission (BCSC), providing relief consisting of a 45-day extension for certain regulatory filings required to be made on or prior to Aug. 31, 2020, as a result of the COVID-19 pandemic.
The company will be relying on the temporary exemption pursuant to BCI 51-517 with respect to the following:
- The requirement to file interim financial statements for the three-month period ended April 30, 2020, within 60 days of the company's interim period-end, as required by Section 4.4(b) of National Instrument 51-102 (Continuous Disclosure Obligations);
The requirement to file the management's discussion and analysis for the three-month period ended April 30, 2020, within 60 days of the company's interim period-end, as required by Section 5.1(2) of NI 51-102;
- The requirement to file certifications of interim filings, pursuant Section 5.2(b) of NI 51-102.
The company expects to complete the interim filings on or before July 29, 2020.
The company further reports that it is in discussions with the holders of its $419,000 principal amount of 9 per cent convertible debenture due June 30, 2020, to negotiate the extension of the maturity date of such debenture on terms: (i) acceptable to the parties; and (ii) subject to TSX Venture Exchange approval.
The company confirms that there have been no material business developments since the date of its May 31, 2020, press release first announcing the delay in the delivery of its audited annual financial statements for the year ended Jan. 31, 2020, other than those disclosed in this news release or news release issued subsequent to May 31, 2020.
The company has established a blackout on trading by directors, officers and other insiders of the company, reflecting the principles in Section 9 of National Policy 11-207 (Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions),
and intends to continue the blackout until the annual filings and interim filings have been made.
About Otso Gold Corp.
The company wholly owns the Otso gold mine near the town of Raahe in Finland. The
Otso gold mine is fully built and fully permitted, has all infrastructure in place, has two open pits,
and is progressing toward a restart at two-million-tonne-per-year throughput.
We seek Safe Harbor.
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