SOPerior Fertilizer Corp. Provides Notice of Default
Toronto, May 15, 2020 - SOPerior Fertilizer Corp. (TSX: SOP) ("SOP" or the "Company") announces that it anticipates being late in filing its annual financial statements (the "Annual Financial Statements") and related management discussion and analysis ("MD&A") for the year-ended December 31, 2019, by the prescribed deadline of May 15, 2020 and its interim financial statements (the "Interim Financial Statements") and related MD&A for the interim period ended March 31, 2020, by the prescribed deadline of May 15, 2020. Due to financial hardship of the Company and due to logistics and delays caused by COVID-19, the auditor requires additional time to finalize their review of the financial information of the Company and to gain reasonable comfort to complete and file the Annual Financial Statements, the Interim Financial Statements and the related MD&A's.
The Company has made an application with the applicable securities regulators under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") requesting that a management cease trade order be imposed in respect of the anticipated late filing rather than an issuer cease trade order. The issuance of a management cease trade order does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.
The Company anticipates that it will in a position to prepare and file the Annual Financial Statements, the Interim Financial Statements and the related MD&A's on or prior to June 13, 2020.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements to file the Annual Financial Statements, the Interim Financial Statements and MD&A's within the prescribed period of time. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
NEITHER THE TORONTO STOCK EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
On Behalf of the Board of Directors
"R. Bruce Duncan"
Executive Chairman and Director
Contact Information
E-mail inquiries: info@SOPfertilizer.com
P: (416) 362-8640
www.SOPfertilizer.com
About SOPerior Fertilizer Corp.
SOPerior Fertilizer Corp. is a Canadian based exploration and development company with a unique opportunity to develop a SOP and alumina rich material project into long-term mining production. The Company's Blawn Mountain Project consists of four areas of surface mineable alunite mineralization in the State of Utah. Alunite is a sulfate mineral ore rich in both SOP and alumina. Located in a mining friendly jurisdiction with established infrastructure nearby, the project covers approximately 15,404 acres of state-owned land and has a known permitting process. Extensive development was completed in the 1970s including a mine plan, feasibility study and 3-year pilot plant operation. SOPerior has a highly qualified and proven management team in place with significant financial, project management and operational experience and the ability to take projects into production.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
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