Almonty Industries Provides Update on Status of Filing Delay
Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) wishes to provide a status update further to the management cease trade order (“MCTO”) issued by the Ontario Securities Commission dated April 1, 2021 in respect of the Company’s securities under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The MCTO only prohibits the Chief Executive Officer and the Chief Financial Officer of the Company from trading in or purchasing the securities of the Company until two full business days after all filings are brought up to date. The Company also has imposed a blackout on trading by all other directors, officers and insiders. The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company.
The Company announced on March 26, 2021 (the “Default Announcement”) that it was filing an application seeking a MCTO from the OSC because it was likely to miss its filing deadline of March 31, 2021 to file its audited annual financial statements for the year ended December 31, 2020, and accompanying management’s discussion and analysis, annual information form and related certifications (collectively, the “Documents”), as required under applicable securities laws. The inability to file the Documents was due to complications caused by the devastating wave of COVID-19 experienced in Portugal over recent months as a result of which the component auditors in Portugal were unable to access the site at the Company’s Panasqueira mine to conduct the normal audit procedures. Due to this delay, the Company’s auditors have been unable to complete all of the procedures necessary to be able to render an audit opinion. The Company’s component auditor in Portugal has completed its statutory audit this week. As a result, all statutory audits for our subsidiaries in Korea, Spain and Portugal have been completed and our Canadian auditors, Davidson & Company, have now received all required group audit reports from our component auditors. Davidson & Company have informed the Company that they still require additional time to complete their final audit procedures. A date for their completion of the audit will be available in the coming days.