TORONTO, ON / ACCESSWIRE / October 5, 2021 / Cadillac Ventures Inc. ("Cadillac" or the "Company") (TSXV:CDC) announces that, after close of market on October 4, the Company received a failure-to-file cease trade order ("FFCTO"). The cease trade order was issued by the Ontario Securities Commission ("OSC"), the Company's principal regular, as a result of Cadillac's delay in filing the following annual disclosure requirement:
The FFCTO, among other things:
The delay in filing of the financial statements and MD&A is due to complications resulting from the Cadillac's recent amalgamation with KFG Resources Ltd. and due to the negative impact of the coronavirus pandemic. This resulted in an inability to travel to the U.S. to assist in the timely completion of the audit process for new U.S. based subsidiaries. The recent acquisition of KFG resources also resulted in a requirement for an independent third-party valuation of a subsidiary, KFG Petroleum, which is ongoing but not yet complete. Cadillac anticipates this new valuation to be completed shortly and that filing of the company's financial statements will occur in a timely period.
While management does not consider this delay to constitute a material change or material information, management does recognize these financials will be the first Cadillac financials reflecting the positive income effect of Cadillac's acquisition of KFG Resources Inc. on May 3, 2021.
Once the 2021 annual filings are filed, the cease trade order will be revoked.
Cautionary statement regarding forward-looking statements
This press release contains 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "assumes", "potential" and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, statements and expectations. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while based on Cadillac's respective expectations and considered reasonable at the time they were made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including those described in Cadillac's respective public disclosure documents on SEDAR at www.sedar.com. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this release. Unless required by law, Cadillac does not intend to, or assume any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please visit Cadillac's website www.cadillacventures.com, or contact Norman Brewster, President and Chief Executive Officer, at 905-837-2000.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
SOURCE: Cadillac Ventures Inc.