Silver Storm's MCTO Update: Navigating Complexities and Maintaining Compliance
Tuesday, Oct 8, 2024 10:21 pm ET
1min read Silver Storm Mining Ltd. (TSX.V: SVRS, OTCQB: SVRSF, FSE: SVR) has provided a bi-weekly update on its management cease trade order (MCTO), issued on July 30, 2024, by the British Columbia Securities Commission (BCSC). The MCTO was a result of the company's inability to file its annual financial statements and related documents for the year ended March 31, 2024, by the July 29, 2024 deadline. This article delves into the complexities surrounding the acquisition of the La Parrilla assets, the BCSC's extension of the filing deadline, and the measures Silver Storm is taking to maintain compliance and investor confidence.
The acquisition of the La Parrilla assets has presented Silver Storm with accounting complexities that have delayed the completion of its annual financial statements. The company has attributed this delay to the intricate nature of the acquisition process, which has necessitated an ongoing audit. The BCSC has extended the deadline for the annual filings to October 11, 2024, and Silver Storm expects to complete its interim filings within five business days thereafter.
The MCTO does not restrict public trading of the company's securities, and Silver Storm has confirmed that there are no material changes to the information contained in the default announcement. The company is satisfying the provisions of the Alternative Information Guidelines set out in National Policy 12-203, including the issuance of bi-weekly default status reports in the form of news releases. Silver Storm also confirms that there is no insolvency proceeding against it and that there is no other material information concerning the affairs of the company that has not been generally disclosed.
In conclusion, Silver Storm is actively working to address the accounting complexities arising from the La Parrilla assets acquisition and is committed to maintaining compliance with the MCTO. The BCSC's extension of the filing deadline has provided the company with additional time to complete its annual and interim filings. Silver Storm's transparency and proactive communication regarding its MCTO status update are crucial in maintaining investor confidence during this period. As the company continues to navigate these complexities, it remains focused on its advanced-stage silver projects in Durango, Mexico, and its strategic plans for growth and development.
The acquisition of the La Parrilla assets has presented Silver Storm with accounting complexities that have delayed the completion of its annual financial statements. The company has attributed this delay to the intricate nature of the acquisition process, which has necessitated an ongoing audit. The BCSC has extended the deadline for the annual filings to October 11, 2024, and Silver Storm expects to complete its interim filings within five business days thereafter.
The MCTO does not restrict public trading of the company's securities, and Silver Storm has confirmed that there are no material changes to the information contained in the default announcement. The company is satisfying the provisions of the Alternative Information Guidelines set out in National Policy 12-203, including the issuance of bi-weekly default status reports in the form of news releases. Silver Storm also confirms that there is no insolvency proceeding against it and that there is no other material information concerning the affairs of the company that has not been generally disclosed.
In conclusion, Silver Storm is actively working to address the accounting complexities arising from the La Parrilla assets acquisition and is committed to maintaining compliance with the MCTO. The BCSC's extension of the filing deadline has provided the company with additional time to complete its annual and interim filings. Silver Storm's transparency and proactive communication regarding its MCTO status update are crucial in maintaining investor confidence during this period. As the company continues to navigate these complexities, it remains focused on its advanced-stage silver projects in Durango, Mexico, and its strategic plans for growth and development.
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