Champion Bear Reconfirms Delay in Filing Certain Continuous Disclosure Documents

CALGARY, Alberta, July 06, 2020 (GLOBE NEWSWIRE) -- Champion Bear Resources Ltd. (TSXV: CBA-V) ("Champion Bear" or the "Company") announces that further to its April 29, 2020 and June 1, 2020 press releases due to circumstances created by the COVID-19 pandemic, it is continuing to rely on Blanket Order 51-517 – Temporary Exemption from Certain Corporate Finance Requirements of the Alberta Securities Commission ("ASC 51-517") (and similar exemptions provided by the British Columbia and Ontario Securities Commissions), to postpone the filing of the certain continuous disclosure documents required by National Instrument 51-102 – Continuous Disclosure Documents ("NI 51-102").  Pursuant to ASC 51-517 during the period from March 23, 2020 to June 1, 2020, a person or company required to make certain filings as described in ASC 51-517 has an additional 45 days from the deadline otherwise applicable under Alberta securities laws to make the filing.

In particular, the Company will be relying on the temporary exemption pursuant to ASC 51-517 in respect to the following provisions.

• the requirement to file audited financial statements for the year ended December 31, 2019 (the "Annual Financial Statements") within 120 days of the Company’s financial year end as required by section 4.2(b) of NI 51-102;
  
  
• the requirement to file interim financial statements for the three month period ended March 31, 2020 (the "Interim Financial Statements") within 60 days of the Company’s first quarter as required by section 4.4(b) of NI 51-102;
  
  
• the requirement to file management discussion and analysis (the "Annual MD&A") for the period covered by the Annual Financial Statements within 120 days of the Company’s financial year end as required by section 5.1(2) of NI 51-102;
  
  
• the requirement to file management discussion and analysis (the "Interim MD&A") for the period covered by the Interim Financial Statements within 60 days of the Company’s first quarter as required by section 5.1(2) of NI 51-102;
  
  
• the requirement to file certifications of the Annual Financial Statements (the "Certificates" and together with the Annual Financial Statements, the "Annual Filings") pursuant to section 4.1 of National Instrument 52-109; and
  
  
• the requirement to file certifications of the Interim Financial Statements (the "Certificates" and together with the Interim Financial Statements, the "Interim Filings") pursuant to section 5.1 of National Instrument 52-109.

This press release is being issued pursuant to the requirement of paragraph 7(b) of ASC 51-517 whereby issuers are required to issue a news release no later than 30 days from their original news release if the required continuous disclosure materials have still not been filed. The Company continues to work diligently and expeditiously with its auditors and expects to file the Annual Filings, Annual MD&A, Interim Filings and Interim MD&A on or before July 15, 2020.