Ms. Michelle Borromeo reports
CHAKANA PROVIDES BI-WEEKLY STATUS REPORT
Chakana Copper Corp. is providing this biweekly status report of its management cease trade order in accordance with National Policy 12-203. Pursuant to the company's news release on Oct. 1, 2019, the filing of its annual audited financial statements for the year ended May 31, 2019, the accompanying management's discussion and analysis, and the related chief executive officer and chief financial officer certifications (the annual filings), would not be filed by the prescribed deadline of Sept. 30, 2019.
On Oct. 1, 2019, the British Columbia Securities Commission, as principal regulator, granted a temporary management cease trade order (MCTO). As previously announced, the company required additional time to file the annual filings in order for the company to restate certain prior-year balances due to the identification of late payments included in the opening balances from the prior fiscal year, and additional time for the company and its auditor to complete the review and substantive audit procedures of certain discrepancies in its expenditures. Thus, the company concluded that it would not complete the year-end audit within the time period required by National Instrument 51-102. As a result of the delay in completing the annual filings, the company's Aug. 31, 2019, Q1 interim financial statements, the accompanying management discussion and analysis, and the related CEO and CFO certificates (the Q1 filings) would not be filed by the prescribed deadline of Oct. 30, 2019. The company currently anticipates that it will be in a position to file both the annual filings and Q1 filings by or before Nov. 15, 2019.
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 Oct. 1, 2019, 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 above relating to the late filing of the annual filing and 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 Oct. 1, 2019. 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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