TORONTO, April 24, 2014 /CNW/ - Red Tiger Mining Inc., (TSXV: RMN), (the "Company" or "Red Tiger") announces that it will be unable to file by April 30, 2014 its annual audited consolidated financial statements and Management Discussion & Analysis ("MD&A") for the Company's financial year ended December 31, 2013, as required by National Instrument 51-102 – Continuous Disclosure Obligations and the related CEO and CFO certifications (the "Certifications") required pursuant to National Instrument 52-109 – Certification of Disclosure in Issuer's Annual and Interim Filings.
The delay is due to a longer than expected time for completion of a third party report on inventory balances and recovery rates, which is needed in order to complete the audited consolidated financial statements. The Company is working 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 and anticipates filing such financial statements, MD&A and related Certifications by the end of May, 2014.
Accordingly, the Company proposes to apply for a management cease trade order effective April 30, 2013 preventing all insiders of the Company from trading, directly or indirectly, in the securities of the Company, which will remain in place until the above-noted documentation has been filed, in accordance with the provisions of National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("NP-12-203"). Until its annual consolidated financial statements, MD&A and related Certifications are filed, the Company intends to satisfy the provisions of the Alternative Information Guidelines set out in NP-12-203.
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 complete 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., 20 Toronto Street, 12th Floor, Toronto, ON, M5C 2B8, Fax: 416-367-3638, email@example.com, www.redtigermining.com; Robert Wunder, President and CEO, Tel.: +1 52 662 311 8839, firstname.lastname@example.org; David Lurie, CFO and Secretary, Tel.: 416-637-1517 x 107, email@example.com