Mediterranean Resources Ltd. Confirms Delay in Reporting of Annual Financial Results
VANCOUVER, March 31, 2014 /CNW/ - Mediterranean Resources Ltd. (TSX: MNR; Frankfurt: MHM1) ("MNR" or the "Company") wishes to advise that because of delays in completing its audited financial statements for the year ended December 31, 2013, its management's discussion and analysis relating to the financial statements, and the CEO and CFO certificates (collectively, the "Required Documents") have not been filed by March 31, 2014 as required under securities laws.
The company requested from the TSX an extension to its filing period and the TSX has advised that it does not find concern with the Company filing its annual financial statements ended December 31, 2013 on or before April 30, 2014.
The Company has applied for an order from the relevant Canadian securities regulatory authorities for a management cease trade order ("MCTO") as provided for in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") which prohibits trading in securities of the Company by certain insiders of the Company. The granting of an MCTO is at the discretion of the Canadians securities regulatory authorities and there is no assurance that an order will be granted.
The delay in filing the Disclosure Documents is a result of insufficient funds available for the necessary preparation and filing of the Disclosure Documents.
An MCTO would not generally affect the abilities of persons who have not been directors, officers or insiders of the Company to trade securities of the Company. The Company intends to satisfy the provisions of the alternate information guidelines as set out in NP 12-203 for as long as the Company remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.
The issuer is not involved in any insolvency proceedings. There is no other material information concerning the affairs of the Company that has not been generally disclosed.
Additional Company information is also obtainable on the Company's web site: www.medresources.ca
Signed on behalf of the Board of Directors.
Forward-Looking Statements: This Mediterranean Resources Ltd. news release may contain certain "forward-looking" statements and information relating to Mediterranean which are based on the beliefs of Mediterranean management, as well as assumptions made by and information currently available to Mediterranean management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.
SOURCE Mediterranean Resources Ltd.For further information: Christopher Ecclestone, President and CEO, 604-669-3397, www.medresources.ca