Komet provides update on filing of annual disclosure documents for the year 2019 and announces delayed filing of Q1 2020 financial disclosure pursuant to AMF Exemption

MONTREAL, June 02, 2020 (GLOBE NEWSWIRE) -- Komet Resources Inc. (“Komet” or the “Corporation”) provides an update with respect to filing of its annual financial statements and management's discussion and analysis for the year ended December 31, 2019 (collectively the “2019 annual documents”). The Corporation is providing this update in accordance with Decision No 2020-PDG-0023 of the Autorité des marchés financiers (Québec) (the "Exemption"). The Corporation intends to file the 2019 annual documents by the deadline of June 13, 2020.

The Corporation further announced that it will be delaying the filing and delivery of its interim financial statements and related MD&A for the three months ended March 31, 2020 (the "Required Q1 Filings") in accordance with the Exemption. The Corporation currently intends to make the Required Q1 Filings on or prior to July 14, 2020.

Blackout in Effect for Management and Other Insiders

Until such time as the 2019 annual documents are filed, Komet’s management and other insiders are subject to a trading blackout that reflects the principles contained in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Business Developments

Since April 30, 2020, when the Corporation announced that it would be relying on the Exemption in respect of its 2019 annual documents, the Corporation has disclosed by way of news release the following significant business development:

On May 15, 2020, Komet announced that it had entered into a binding letter of intent under which it will sell all of the issued and outstanding shares of Komet Mali SARL, its wholly-owned Mali subsidiary, to Roscan Gold Corporation (“Roscan”) for a consideration of CAD $ 3.2 million, of which 50% in cash and 50% in Roscan shares, pricing of the shares to be made according to by 5-day VWAP of the Roscan Shares on the TSX-V, calculated as of the day prior to the closing date of the transaction.

Investor Relations/information:

Mr. Robert Wares, Chairman and interim President:  514-951-4235 / r.wares@kometgold.com 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.