Listing: TSX Venture Exchange, symbol "LDR"
Issued & Outstanding Common Shares: 14,561,000
TORONTO, June 26 /CNW/ - Leader Capital Corp. (the "Company") is
currently undergoing a review of its continuous disclosure record (the "CD
Review") with staff of the Ontario Securities Commission (the "Commission").
Pursuant to this review, the Company will restate and refile certain
management's discussion and analysis (MD&A) and may be required to restate and
refile certain financial statements previously filed by the Company in order
to address certain deficiencies and to include additional disclosure required
by securities legislation. The financial periods under consideration include
certain periods dating from the third quarter of Fiscal 2006 (i.e. the three
months ended December 31, 2005) to the present. The Company currently intends
to complete all necessary steps, as described above, concurrently with the
filing of its 2007 audited financial statements (for the year ended March 31,
2007) which will be filed in accordance with the required time period. Until
the Company has rectified all deficiencies described above, the Company will
be noted as a reporting issuer in "default" on the list of reporting issuers
maintained by the Commission.
During the course of the CD Review, it was brought to the attention of
the Company that the form of Proxy which accompanied the Management
Information Circular (the "Circular") dated August 14, 2006 in respect of the
Annual General and Special Meeting of Shareholders of the Company to be held
on September 8, 2006 was defective in that, for two matters of "special"
business (i.e. non-routine) brought before shareholders including the
repricing of stock options held by insiders, the proxy did not permit
shareholders to vote "for" or "against" such special matters but permitted
shareholders to vote "for" or to "withhold" such shareholder's vote.
Notwithstanding such defect, the Company does not intend to take any remedial
steps to correct this error due to the fact that each matter of special
business received virtual unanimous support by the Shareholders. However, at
the request of the Staff of the Commission, the Company will provide further
explanation of the defect in its next management information circular. The
scrutineer's report in respect of the September 8, 2006 Meeting is available
upon request to Shareholders of the Company.
LEADER CAPITAL CORP.
Magaly Bianchini, President
Statements in this news release that are not historical facts, including
statements about plans and expectations regarding properties, reserves,
transactions and opportunities, capital resources and future financial results
are forward-looking. Forward-looking statements involve risks and
uncertainties, which may cause the Company's actual results in future periods
to differ materially from those expressed. These uncertainties and risks
include changing gas and commodity prices and currency exchange rates, demand
for gas, lack of success of future exploration and development, competition
and other factors discussed from time to time in the company's filings with
the Ontario Securities Commission.
Neither the TSX Venture Exchange nor any securities regulatory authority
has approved or disapproved of this news release.
For further information:
For further information: Magaly Bianchini at Tel. (416) 304-1913