TORONTO, March 20 /CNW/ - Tahera Diamond Corporation ("Tahera" or the
"Company") (TSX:TAH) announces that it will not be able to meet the deadline
of March 31, 2008 for the filing of its 2007 audited financial statements and
related management discussion and analysis of financial condition ("MD&A").
As previously announced, Tahera has obtained an order from the Ontario
Superior Court of Justice providing protection for Tahera under the Companies'
Creditors Arrangement Act. Since the focus of Tahera is currently on
conserving cash until it can secure financing and/or restructure its
operations under the CCAA, it was deemed in the best interest of the Company
and its shareholders to delay the preparation and filing of audited financial
statements for the time being. Tahera does not know at this point in time when
it would be in a position to prepare and file its financial statements and
MD&A, as such filings will be driven by the outcome of its financing and
Pending the filing of its financial statements and MD&A, the Company
intends to satisfy the alternative information guidelines recommended by
Ontario Securities Commission ("OSC") Policy 57-603 and Canadian Securities
Administrators ("CSA") Staff Notice 57-301. The Company will request from the
Canadian securities regulators, that a management cease trade order related to
the Company's securities be imposed against some or all persons who have been
directors, officers or insiders of the Company since September 30, 2007, which
cease trade order would generally not affect the ability of persons who have
not been directors, officers or insiders of the Company since that date to
trade in the Company's securities. If Tahera has not filed its audited
financial statements for the 2007 year by May 31, 2008, the OSC may issue an
Issuer Cease Trade Order as such term is defined in OSC Policy 57-603. In
accordance with the alternative information guidelines of the OSC, Tahera
intends to file throughout the period in which it is in default the same
information as it is required to provide to its creditors at the time the
information is provided to such creditors in the same manner as it would file
a material change report under securities regulations.
The Company also anticipates having to postpone its annual meeting of
shareholders until such time as audited annual financial statements for the
2007 financial year are prepared and available for mailing.
As part of the management cease trade order, the Company is required to
issue regular updates. Within the coming weeks the Company intends to provide
un-audited financial and operational results as they are available.
In regard to matters related to corporate restructuring, the Company has
retained the services of Blair Franklin Capital Partners Inc. Blair Franklin
will be contacting potential interested parties in order to solicit
expressions of interest leading to the sale of the company in whole or in
part. Blair Franklin Capital Partners Inc. is a Toronto-based independent
financial advisory firm.
Changes to the Board of Directors
Tahera Diamond Corporation ("Tahera" or the "Company") (TSX: TAH)
announces today that Andrew Adams, Patrick Lavelle, Robert Dickson, and Gary
Jones have resigned as directors of the Company. These changes are being made
as a result of the Company's current corporate restructuring resulting in a
significant alteration to the activities and responsibilities of the board.
Remaining with the board are Jonathan Goodman, Richard Molyneux, Colin Benner,
and Peter Gillin. The remaining board members will act in an advisory capacity
to management as operations at the Jericho Mine are placed into care and
maintenance and as corporate transactions are pursued.
The Company would like to thank Mr. Adams, Mr. Lavelle, Mr. Dickson, and
Mr. Jones for their dedication, commitment, and significant contributions to
the Company over the years.
FORWARD LOOKING STATEMENTS
Certain information regarding Tahera in this news release including
management's assessment of future plans and operations and the timing thereof,
may constitute forward-looking statements under applicable securities laws and
may necessarily involve risks including, without limitation, risks associated
with mineral exploration, development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity and diamond prices,
currency fluctuations, imprecision of reserve and resource estimates,
environmental risks, competition from other producers, inability to retain
services, delays resulting from or inability to obtain required regulatory
approvals, the ability to access sufficient capital and the uncertainty
involved in Court proceedings and the implementation of a Plan under the CCAA.
As a consequence, Tahera's actual results, performance or achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be given that
any events anticipated by the forward looking statements will transpire or
occur, or, if any of them do so, what benefits Tahera will derive therefrom.
Readers are cautioned that the foregoing list of factors is not exhaustive.
Furthermore, the forward-looking statements contained in this news release are
made as of the date this news release and the Company does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or
otherwise, except as may be required by applicable securities laws.
Tahera Diamond Corporation
R. Peter Gillin - Chairman and CEO
For further information:
For further information: Investor Relations: Tel: (416) 777-1998, Fax:
(416) 777-1898, Toll free: (877) 777-2004, Email:
email@example.com, Website: www.tahera.com