Vancouver, British Columbia – Altima Resources Ltd. (TSXV: ARH) (“Altima” or the “Company”) announced today that is unable to file its audited annual financial statements, management’s discussion & analysis, and related certifications in addition to its NI 51-101 Disclosure for Oil & Gas Activities for the fiscal year ended February 28, 2022 on or before June 28, 2022, due to operational delays experienced in its subsidiary, which caused its human resources to be reallocated to support operations for an interim period. The referenced operational delays have been strategically managed; however, this has impacted the timing of work on the annual audited financial statements for the fiscal year ended February 28, 2022.
Accordingly, the Company applied for and received a management cease trade order under the provisions of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203“) so as to permit the continued trading in the Company’s common shares by persons other than insiders and employees of the Company. The Company’s staff are working diligently with its auditors and the Company expects to have the audit of the financial statements and the above filings completed no later than August 29, 2022.
The Company confirms that it intends to satisfy the provisions of NP 12-203 and issue bi-weekly default status reports for so long as the Company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill these provisions, any subsequent defaults of the Company requiring a default announcement and any other material information concerning the affairs of the Company not previously disclosed. The Company is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the Company that has not been generally disclosed.
On behalf of the Board of Directors,
Altima Resources Ltd.
Director & Chief Financial Officer