Vancouver, British Columbia, Canada – October 31, 2023 – Falcon Gold Corp. (the “Issuer” or the “Company”) (TSXV: FG), announces that it anticipates a brief delay in filing its financial statements for the period ended June 30, 2023, and the related management’s discussion and analysis, and CEO and CFO certifications (collectively, the “Required Filings”), which were required to be filed on or before October 30, 2023. This is due to an unexpected internal administrative delay in providing the auditor with certain requested, non-contentious financial information regarding the Company’s Central Canada gold and polymetallic project (the “Project”). Specifically, the auditor has requested the Company provide certain records regarding the acquisition of certain mineral claims within the Project and associated exploration expenses for the period from 2018 to 2023 in order to accurately determine its carrying value. Because the Company moved offices during this period, and the mineral claim numbering system was also updated during this period, it has proven more time-consuming than expected to locate the documents requested by the auditor.
The Company is working diligently to rectify this as soon as possible, but acknowledges that there will be a brief delay in making the Required Filings. Accordingly, the Company has applied to the British Columbia Securities Commission (“BCSC”), the Company’s principal securities regulator in Canada, for the issuance of a management cease trade order (“MCTO”) under the provisions of National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) in connection with the late filing of the Required Filings, so as to permit the continued trading in the Company’s common shares by persons other than the Company’s Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities. The BCSC has granted the MCTO as of October 31, 2023 and the Company expects to file the Annual Filings on or before November 30, 2023.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in 10 of NP 12-203 and issue biweekly default status reports for so long as it remains in default of the requirement to file the Required Filings. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information to release to the public. The Company has made the foregoing representations in accordance with the requirements of applicable securities laws.
ON BEHALF OF THE BOARD OF DIRECTORS
Karim Rayani
Chief Executive Officer and Director
For further information please contact:
Email: k@r7.capital
Phone: (604) 716-0551
Cautionary Language and Forward-Looking Statements
This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.