Prairie Provident Resources Announces Delay in Second Quarter 2023 Interim Filings

CALGARY, Alberta, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (TSX:PPR) ("Prairie Provident" or the "Company") announces today a delay in the filing of its interim financial report for the interim period ended June 30, 2023 and related management's discussion and analysis and management certifications for the same period (collectively, the "Q2 Filings") past today's deadline as prescribed under Canadian securities laws. The delay and corresponding filing default is expected to be relatively brief, as the Company anticipates completing the Q2 Filings on or before August 22, 2023.

The delay arises from the transitional effect of a temporary staffing shortage arising approximately four weeks ago, which has since been addressed but compromised the timetable for Prairie Provident to finalize the Q2 Filings, and for its auditor to complete their review procedures, by today's prescribed deadline. The Company is working diligently and expeditiously to complete the Q2 Filings and interim review as soon as practicable, and has devoted all necessary resources to do so by August 22, 2023.

The Company has informed staff of the Alberta Securities Commission ("ASC") about the anticipated delay and filing default, and has applied to the ASC for a temporary 'management cease trade order' ("MCTO") pursuant to National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") pending completion of the Q2 Filings. If an MCTO is issued, Prairie Provident will satisfy the alternative information guidelines set out in NP 12-203, including by issuing bi-weekly default status reports in form of further news releases, until the Q2 Filings are completed. An MCTO would prohibit trading in securities of the Company by certain insiders, but would not generally restrict persons who are not directors, officers or insiders of the Company from trading in Prairie Provident securities.

Whether or not an MCTO is issued, the quarterly 'blackout' under the Company's corporate disclosure and trading policy remains in effect and continues to restrict any trading by directors, officers and other insiders of the Company until after the Q2 Filings are completed.

In accordance with NP 12-203, Prairie Provident confirms that there is no insolvency proceeding to which it is subject, and no other material information concerning its affairs that has not been generally disclosed as required under applicable securities regulatory requirements.