Vancouver, British Columbia – Altima Resources Ltd. (TSXV: ARH) (“Altima” or the “Company”) is providing an update with respect to the previously announced management cease trade order (the “MCTO”) issued by the British Columbia Securities Commission on June 29, 2022. The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended February 28, 2022 (collectively, the “Required Filings”) before the prescribed deadline of June 28, 2022.
The Company requested and received an extension relating to the Required Filings due to delays incurred during the audit of the Company in connection to the operational delays experienced in its subsidiary and the necessity to reallocate its human resources to support operations for the interim period.
The Company is providing this status update in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on June 29, 2022 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.