St-Georges Provides Default Update
Montréal, July 6, 2021 - St-Georges Eco-Mining Corp. (CSE:SX) (OTC:SXOOF) (FSE:85G1) (CNSX:SX.CN) is providing an update to its previously disclosed management cease trade order, announced on May 3, 2021, in respect of the audited annual financial statements and corresponding management's discussion and analysis for the year ended December 31, 2020, including the related CEO and CFO certifications that were not filed by the required filing deadline of April 30, 2021. The Annual Financial Filings were not filed on or before the Filing Deadline due to the delay in the completion of the year-end audit of ZeU Technologies, Inc. ("ZeU"), a corporation in which the Company has a substantial interest. The Company owns approximately 29.59% of the issued and outstanding common shares of ZeU. As a result, the Company will need more time to complete its consolidated financial statements.
On May 3, 2021, the British Columbia Securities Commission (the "BCSC") approved a MCTO imposed against the Chief Executive Officer, Mr. Herb Duerr and Chief Financial Officer, Mr. Richard Barnett, of the Company precluding them from trading securities of the Company. The MCTO required the Annual Financial Filings to be filed on or before July 2, 2021.
On July 6, 2021, after review, the BCSC granted a further extension for the filing of the Annual Financial Filings until July 15, 2021, as well as an extension for the filing of the Company's interim financial statements and corresponding management's discussion and analysis for the three-month period ended March 31, 2021, including the related CEO and CFO certifications which must be filed within five business days of the filing of the Annual Financial Filings. The Company anticipates that the Annual Financial Filings will be filed on or before July 15, 2021 and that the Quarterly Financial Filings will be filed within five business days thereafter.
No other shareholders other than the two officers mentioned will be affected by the MCTO order.
Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
ON BEHALF OF THE BOARD OF DIRECTORS
" Frank Dumas"
FRANCOIS (FRANK) DUMAS
Director &COO
A bout St-Georges
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