Oremex Silver Inc. Delayed in Filing Annual Financial Statements and Seeks Management Cease Trade Order
TORONTO, ONTARIO--(Marketwired - Apr 1, 2014) - Oremex Silver Inc. (TSX VENTURE:OAG) ("Oremex" or the "Company") announced today that its audited financial statements, CEO and CFO certifications, and management discussion & analysis (the "Annual Filings") for the year ended November 30, 2013 were not released as scheduled on March 30, 2014. It is now anticipated that the release will occur no later than May 30, 2014.
The Company has been unable to meet the filing deadline as a result of the recent proxy contest initiated by two concerned shareholders of the Company that resulted in a replacement of the entire board of directors of the Company effective on December 31, 2013. Since that date, the board of directors has been working diligently to obtain and review all of the financial records of the Company, in addition to the operations and state of affairs of the Company generally. The board of directors has also spent considerable effort compiling the financial records of the Company in preparation of the Annual Filings. It was hoped that the Annual Filings would be completed and filed prior to the deadline, but due to the time involved in transitioning management, auditors were not able to complete the audit within the prescribed timeframe and the Company was not in a position to meet the March 30, 2013 deadline for filing the Annual Filings.
As a result of the delay, the Company has voluntarily requested that the Securities Commissions in British Columbia and Alberta and issue a temporary order that prohibits certain current directors, officers and insiders of Oremex from trading in securities of Oremex for so long as the Annual Filings are not filed. The issuance of such management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the issuer to trade in their securities. Oremex intends to provide updates in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports until such time as Annual Filings are completed.
About Oremex
Oremex is a Canadian company focusing on the exploration and development of silver projects along a highly productive mineralized belt in Mexico. The Company has a portfolio of silver projects including a mineral resource of 50.8 million ounces of silver at its Tejamen deposit.
Forward-Looking Statements
Forward-Looking Statements: The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
