Otso Gold Provides Update with Respect to Cease-Trade Order and Release of its First Quarter Financial Statements and Related Disclosure
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.
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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