Champion Bear provides default status report for management cease trade order

 

2020-07-03

Champion Bear Resources Ltd. has been granted a management cease trade order (MCTO) by the Alberta Securities Commission (the ASC), the company's principal securities regulator in Canada, pursuant to National Policy 12-203 (Management Cease Trade Orders) in respect of the late filing of its annual financial statements and management's discussion and analysis for the year ended Dec. 31, 2019. The MCTO will be in effect until July 15, 2020. The Company anticipates that, subject to current conditions remaining the same, it will be able to complete the audit review process and that it will use its best efforts to complete the filing of the Annual Financial Statements on or before July 15, 2020.

Champion Bear also confirms that there have not been any material business developments relating to the Company since its last news release issued on June 15, 2020 relating to the application for the MCTO and the new release issued on June 26, 2020 relating to the change of the Company's auditors from KPMG LLP to BDO Canada LLP.

The Company's directors and senior officers and other insiders will not be able to trade in Champion Bear securities while the MCTO is in effect, and the Company will be required to comply with the provisions of the alternative information guidelines as set out in NP 12-203 for so long as the MCTO remains in effect, including the issuance of bi-weekly default status reports by way of press releases.

Unless and until such time as the Company files the Annual Financial Statements, shareholders and potential investors of the Company are urged to exercise extreme caution when dealing in the securities of the Company. If the Company is unable to file its Annual Financial Statements prior to the expiry of the MCTO, it is anticipated that the ASC will issue a general "failure to file" cease trade order prohibiting the trading by any person of any securities of the Company, including trades in the Company's common shares made through the TSX Venture Exchange, which would take effect shortly after the expiry of the MCTO and would remain in place until such time as the Annual Financial Statements have been filed. Trading prices and volatility of the Company's securities may be negatively affected and any investment in such securities could suffer a significant decline or total loss in value. The Company will make further announcements with respect to the status of the filings as and when appropriate.

About Champion Bear

Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The Company's primary targets are platinum group metals, precious metals, and polymetallic base metals deposits. Champion Bear's aim is to create shareholder value through selective property acquisition followed by focused exploration emphasizing drilling. The Company has assembled a large land position in the Dryden and Sudbury areas, totaling over 16,000 hectares.