Red Tiger Update on Financial Statement Status
TORONTO, June 30, 2014 /CNW/ - Red Tiger Mining Inc., (TSXV: RMN), (the "Company" or "Red Tiger") is providing this bi-weekly update on its Financial Statement Status in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On April 24, 2014, the Company announced that for reasons disclosed in the news release, there would be a delay in the filing of its audited financial statements for the year ended December 31, 2013 and its related Management Discussion & Analysis and CEO and CFO certifications beyond the 120 day period prescribed for the filing of such documents. As a result, the interim financial statements for the period ended March 31, 2014 and its related Management Discussion & Analysis and CEO and CFO certifications will also be delayed. The late financial statements, management discussion and analysis and related CEO and CFO certifications are, collectively, the "Required Filings".
As a result of this delay in filing, on May 2, 2014, the Ontario Securities Commission (the "OSC"), the principal regulator of the Company, issued a management cease trade order ("MCTO"). The Company reports that, since the issuance of the press release on June 13, 2014, the previous anticipated filing of the Required Filings by end of June, 2014 will not be met. The Company now anticipates filing the Required Filings by the end of July, 2014 and the MCTO has been extended until July 31, 2014. The MCTO imposes restrictions on trading in the Company's securities by its Chief Executive Officer and Chief Financial Officer until the Company files the Required Filings, and the OSC makes an order revoking it. The MCTO does not prevent any other parties from trading the Company's securities.
Further to its press release on June 13, 2014, the Company continues to work with its auditors to complete the audit of the Company's consolidated financial statements for the year ended December 31, 2013 as soon as possible. In addition to a few accounting issues, including resolving the complex treatment for revised timing to repay a loan and its related derivative asset, the most significant challenge the Company faces is finalizing the tax section of the financial statements. Unfortunately, the Company's Finance Manager, who was responsible for administering the Company's tax affairs in Mexico, passed away suddenly in June. While it has proven unexpectedly difficult to respond to all of the auditor's Mexico tax-related inquiries following our Financial Manager's passing, the Company has been working diligently to conclude the tax section of our financial statements. The Company expects that once the tax section is concluded, it will be in a position to file the Required Filings. Due to the delay in filing the Required Filings for December 31, 2013, the Company's March 31, 2014 interim filings will also be delayed as the audited accounts need to be completed before the interim accounts can be prepared.
There has not been any specified default by the Company under NP 12-203 other than the delay in filing the Required Filings, and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
Red Tiger is listed on the TSX Venture Exchange (symbol "RMN"). The number of shares outstanding is 101,318,776.
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.
This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the anticipated date for filing of its financial statements, MD&A and Certifications and the Company's intentions to comply with the Alternative Information Guidelines of NP 12-203) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, the assumption that the Company will be granted an order imposing a management cease trade order and the assumption that the Company will complete its audit in a timely manner. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the failure of the Company to complee its audit in a timely manner.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
SOURCE Red Tiger Mining Inc.For further information: Red Tiger Mining Inc., 320 Bay Street, Suite 1520, Toronto, ON, M5H 4A6, Fax: 416-637-2305, firstname.lastname@example.org, www.redtigermining.com; Robert Wunder, President and CEO, Tel.: +1 52 662 311 8839, email@example.com; David Lurie, CFO and Secretary, Tel.: 416-637-1517 x 107, firstname.lastname@example.org