VANCOUVER, BC, May 4, 2021 /CNW/ -NG Energy International Corp.(NG or the Company) (TSXV:GASX) (OTCQX:GASXF) announces that it will be unable to file its annual financial statements for the year ended December 31, 2020 and the related management's discussion and analysis (MD&A) and certifications (the Annual Filings) by the filing deadline of April 30, 2021 as required by applicable securities laws.
In connection with the Company's inability to file the Annual Filings on time, the Company has applied for and been granted a management cease trade order (an MCTO) under National Policy 12-203 Management Cease Trade Orders (NP 12-203).
Due to the continuing travel and other restrictions in place in both Canada and Colombia in response to the COVID-19 pandemic the Company has been experiencing delays in the procedures required to complete the audit of the annual financial statements. The Company continues to work to complete the Company's annual financial statements, and expects to file the Annual Filings by May 30, 2021, and will issue a news release once the Annual Filings have been filed.
Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.
During the MCTO, the general investing public will continue to be able to trade in the Company's common shares listed on the TSX Venture Exchange.However, the Company's Chief Executive Officer and Chief Financial Officer will not be able to trade in the Company's shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of April 27, 2021. The Company is not currently subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Interim Filings, the Company confirms that it will also file material change reports on SEDAR containing such information.