Alhambra Resources announces that it will not be able to file its annual audited financial statements, management’s discussion and analysis and CEO and CFO certificates, collectively, the 2014 Annual Audited Financial Statements, by the filing deadline of April 30, 2015 as prescribed by NI 51-102 - Continuous Disclosure Obligations. This is due to a current lack of funds to remunerate the corporation’s auditors.
Alhambra’s chief financial officer Don McKechnie explains: “With Alhambra’s mining operations still shut down pending completion of a financing, there is no operating cash flow being generated to meet its obligations. As a result Alhambra must generate cash flow to meet its obligations through debt or equity financing.
“To date, the corporation has not been successful in raising the funds necessary to remunerate its auditors in time to complete and file the 2014 Annual Audited Financial Statements by April 30, 2015.
“Alhambra is currently in discussion with a number of parties that could provide the corporation with potential sources of funding. We anticipate this process will be successful such that Alhambra can complete and file its 2014 Annual Audited Financial Statements by the end of June 2015.”
Until Alhambra completes the filing of the 2014 Annual Audited Financial Statements, Alhambra will comply with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require Alhambra to issue bi-weekly default status reports by way of a news release so long as the 2014 Annual Audited Financial Statements have not been filed.
Alhambra has made an application to the applicable regulatory authorities for a management cease trade order (MCTO). There is no certainty that such order will be granted. If a MCTO is granted, the general investing public will still be able to trade Alhambra listed common shares, however, the corporation's CEO, CFO and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade Alhambra shares. If a MCTO is not granted, the applicable regulatory authorities may issue a cease trade order against Alhambra for failure to file the 2014 Annual Audited Financial Statements within the prescribed time period.
Alhambra also announces that, for personal reasons, Gordon L Levang has decided to retire as a director of the corporation.
Alhambra is a Canadian based international exploration and production corporation producing gold in Kazakhstan.