Brionor Resources Inc. Announces Management Cease Trade Order
TORONTO, ONTARIO--(Marketwired - Dec. 23, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Brionor Resources Inc. (the "Company") (TSX VENTURE:BNR) would like to announce that it has filed an application with the Autorité des marchés financiers in order to obtain a Management Cease Trade Order ("MCTO") because the Company will not be able to file its Annual Audited financial statements, Management Discussion and Analysis and CEO and CFO Certifications which is due to be completed and filed on December 29, 2015 for the Company's fiscal year end dated August 31, 2015.
The reason for the default in filing these statements prior to the required date, is that the Company has insufficient capital to cover the cost of the audit and is in the midst of liquidating marketable securities to pay, among other items, the cost of this audit. When the Company has realized adequate funds to pay the cost of the audit, the auditor will be sent this amount and the audit commenced.
It is anticipated that the Company will complete the year-end audit before the end of January 2015. Timing to complete the Company's audit in prior year periods has not been an issue employing the same auditor. Although the Company cannot be certain of timing there is reason to be confident in the audit being completed in this time frame. The Company will ensure it updates shareholders of the status of this default on a bi-weekly basis as required by the provisions granting this MCTO.
During this MCTO all management, officers and directors of the Company will be prohibited from trading in the Company's shares pursuant to the Company's black-out procedures.
Brionor is a junior mining exploration company with a portfolio of exploration projects in Québec.
Neither 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.
Contact
Brionor Resources Inc.
Lewis Lawrick
President & CEO
647-478-5307
Robert Ayotte
Executive Chairman
450-441-9177
info@brionor.com