Aurex Energy Corp.: Update on Temporary Regulatory Filing Relief
Saskatoon, June 16, 2020 - Mr. Gary Billingsley, President, reports that Aurex Energy Corp. ("Aurex" or the "Company") (TSXV:AURX) has made application to the Alberta Securities Commission ("ASC"), under National Policy 12-203 (the "Policy"), requesting that a temporary management cease trade order ("MCTO") be granted in respect of the anticipated late filing of the Company's annual audited financial statements, management's discussion and analysis, and officers certificates for the year ended December 31, 2019 (the "Annual Filings"). On April 28, 2020 and June 1, 2020, the Company announced it was relying on temporary regulatory filing relief pursuant to Alberta Securities Commission Blanket Order 51-517 (the "Blanket Order"), due to delays related to the COVID-19 pandemic, and in particular the cross-border complications affecting the Company's US subsidiaries. Since restrictions and cross-border issues continue due to COVID-19, the Company requires an extension to the June 15, 2019 deadline and is therefore applying for the MCTO. Subject to current conditions remaining the same, the Company anticipates, and it and its auditors will use their best efforts in, completing the Annual Filings within 30 days.
Under the Blanket Order, Aurex's directors, officers and insiders cannot trade the Company's securities until the Annual Filings have been made. If the MCTO is granted, the same restrictions will apply while the MCTO is in effect. In addition, the Company will be required to comply with the provisions of the alternative information guidelines as set out in the Policy as long as the MCTO is in effect.
If the MCTO is granted, but the Company fails to complete the Annual Filings prior to the expiry of the MCTO, or if the MCTO is not granted, then it is anticipated that the ASC will issue a general cease trade order ("CTO") prohibiting the trading of the Company's securities on any exchange, including the TSX Venture Exchange, by anyone. The CTO would remain in place until the Annual Filings were completed.
The Company intends to issue bi-weekly status reports as long as it remain in default in respect of the Annual Filings.
There is no other material information concerning the affairs of the Company that has not been generally disclosed.
About AUrex Energy Corp.
Aurex Energy Corp. is a Canadian-based resource exploration and development company with its head office in Saskatoon, SK. Aurex is focused on the acquisition and development of a diversified portfolio of resource properties critical to current and future energy production. This includes natural gas for LNG, base metals, platinum group elements, strategic metals including cobalt, and gold.
Aurex Energy Corp. TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL "AURX".
For further information:
Phone: 306-242-7363
Email: corp@aurexenergy.ca
To receive information by e-mail, visit www.aurexenergy.ca and click "Contact".
NEITHER THE 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.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this release and except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release may contain statements within the meaning of safe harbour provisions as defined under United States Securities Laws and Regulations. The above statements are based on the current expectations and beliefs of the management of Canadian Platinum and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above.