Otso Gold Provides Update with Respect to Current Management Cease-Trade Order and Release of its First Quarter Financial Statements and Related Disclosure
July 31, 2020 - Toronto, ON. - Otso Gold Corp. ("Otso" or the "Company"), (TSXV:OTSO) announces that further to its default announcement on July 13, 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 is providing a default status report with respect to the management cease trade order (the "MCTO") issued by the British Columbia Securities Commission. An application for the MCTO was made by the Company due to a delay in the filing of its audited annual financial statements for the fiscal year ended January 31, 2020 and related management's discussion and analysis; (collectively, the "Required Filing"). The Company has until August 15, 2020 to complete its Required Filing. The Company is currently anticipating meeting such deadline and is working with its auditor in connection with same.
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 July 13, 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.
First Quarter Financial Statements
As dislosed in the Company's press release of June 30, 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 is also relying on Temporary Exemption from Certain Corporate Finance Requirements ("BCI 51-517"), enacted by the British Columbia Securities Commission (the "BCSC"), providing relief consisting of a 45-day extension for certain regulatory filings required to be made on or prior to August 31, 2020 as a result of the COVID-19 pandemic.
Specifically, the Company will be relying on the temporary exemption pursuant to BCI 51-517 with respect to the following:
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- the requirement to file interim financial statements for the three month period ended April 30, 2020 (the "Financial Statements") within 60 days of the Company's interim period ended as required by section 4.4(b) of National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102");
- the requirement to file management's discussion and analysis for the three month period ended April 30, 2020 (the "MD&A") within 60 days of the Company's interim period ended as required by section 5.1(2) of NI 51-102; and
- the requirement to file certifications of interim filings (together with the Financial Statements and MD&A, the "Interim Filings") pursuant Section 5.2(b) of NI 51-102.
The Company expects to complete the Interim Filings on or before August 15, 2020.
For further information, please contact:
Clyde Wesson
Vice President
1 917 287 0716
info@otsogold.com
www.otsogold.com
Forward-looking Statements
This press release contains forward-looking statements regarding the Company based on current expectations andassumptions of management, which involve known and unknown risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are forward-looking statements under applicable Canadian securities legislation. Any statements contained herein that are not statements of historical facts may be deemed tobe forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this press release not to place undue reliance on our forward-lookingstatements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's continuous disclosure documents that can be found on SEDAR (www.sedar.com) under the Company's issuer profile. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
About the Company
Otso Gold Corp. wholly owns the Otso Gold Mine near the town of Raahe in Finland. The Otso Gold Mine is developed, fully permitted, has all infrastructure in place, two open pits and is progressing towards production in 2020 to process ore at name plate capacity of 2 million tonnes per annum.
Neither the 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.
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