Otso Gold Provides Update with Respect to Cease-Trade Order and Release of its First Quarter Financial Statements and Related Disclosure
27.08.2020 | The Newswire
Toronto, August 27, 2020 - Otso Gold Corp. ("Otso" or the "Company"), (TSXV:OTSO) announces that on August 25, 2020, the Company sedar filed its audited annual financial statements for the fiscal period ended January 31, 2020, and related management discussion and analysis. Accordingly, the Company has rectified its default that led to the imposition of a cease trade order (CTO). The Company understand that the CTO will be lifted effective with the opening of markets on Thursday, August 27, 2020.
First Quarter Financial Statements
Further to the Company's press release dated August 12, 2020 and in accordance with the alternative information guidelines set out in National Policy 12-203 Management Cease Trade Orders ("National Policy 12-203"), the Company has now made application for a management cease trade order (the "MCTO") which has been approved and to be issued by the British Columbia Securities Commission due to the late filing of its interim financial statements and related management's discussion and analysis for the three months ended April 30, 2020 (collectively, the "Required Filing").
The Company has until September 4, 2020 to complete its Required Filing. The Company is currently anticipating meeting such deadline.
The Company intends to follow the provisions of the Alternative Information Guidelines set out in National Policy 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on August 12, 2020 and as of the date of this default status report, there is no other material information concerning the affairs of the Company that has not been generally disclosed.