TORONTO, Nov. 5, 2019 /CNW/ - Arehada Mining Limited ("Arehada" or the "Company") provides the following updates.
Arehada received a resignation notice from its former auditor, Deloitte LLP. The former auditor did not issue any report on the Company's completed fiscal years ended December 31, 2014, 2015, 2016, 2017 and 2018. The former auditor's reports for the Company's fiscal years ended December 31, 2013, 2012 and 2011 did not express a modified opinion. The audit committee and the board of directors have not made a decision on appointment of any new auditor.
Interview Summons to Steve Fang Wang
The Corporation's CEO, Steve Fang Wang ("Steve"), was summoned to attend an interview by the Supervisory Commission of Inner Mongolia Autonomous Region of China in the last quarter of 2018. The Corporation received confirmation at the end of May, 2019 that Steve had completed the interview. However, the Corporation has not been able to have further communication with Steve. The Corporation's primary contact in China is Ms. Betty Sige Wang, Secretary of the Corporation, and communication with Ms. Wang has been sporadic. Ms. Wang suggested that Steve may have been subject to certain restrictions again. The Corporation is in the process of obtaining more information on Steve's status.
Once the Corporaiton reestablishes communication with Steve, the Corporation will continue to work with Steve to arrange for further installment payments to be made to the Corporation from Steve's holding company in China, as part of the proposed dissolution of the Corporation.
Cease Trade Orders
The Corporation reports that as the Corporation had failed to file its audited financial statements for 2010 by the required time, cease trade orders have been issued by each of the Ontario Securities Commission, the British Columbia Securities Commission and the Alberta Securities Commission, and are still in place as of today.
Forward Looking Information
The above contains forward looking information that is 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. Generally, forward looking information can be identified by the use of forward looking terminology such as "plans", "expects", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward looking information in this press release relates to the management's intent to obtain more information on Steve Fan Wang's status; and management's expectation on working with Steve for further installment payments from China. Although we believe the expectations reflected in our forward looking information are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Readers should not place undue reliance on forward looking information.
SOURCE Arehada Mining Limited
For further information: Betty Si-Ge Wang, Secretary, Arehada Mining Limited, Email: [email protected]; Graham Warren, Chief Financial Officer, Arehada Mining Limited, Tel: 416-594-0473, Email: [email protected]