mineral exploration and development

Romania, Hungary & Brazil - N.I. 43-101, 5.09 M oz & inferred 5.66 M oz of Gold plus 175.0 M lbs of Copper .

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Message: Carpathian Gold has no material changes

Carpathian Gold has no material changes

2014-06-16 11:29 ET - News Release

Mr. Guy Charette reports

CARPATHIAN GOLD INC. PROVIDES FIFTH DEFAULT STATUS REPORT

Carpathian Gold Inc. is providing this fifth biweekly default status report, in accordance with National Policy 12-203, respecting Cease Trade Orders for Continuous Disclosure Defaults. On March 14, 2014, the corporation announced that, for the reasons set out in the default announcement, the filing of the corporation's audited annual financial statements, related management's discussion and analysis, and accompanying chief executive officer and chief financial officer certifications for the financial year ended Dec. 31, 2013, would not be completed by the prescribed period for the filing of such documents under parts 4 and 5 of National Instrument 51-102, respecting Continuous Disclosure Obligations, and pursuant to NI 52-109, respecting Certification of Disclosure in Issuer's Annual and Interim Filings, namely within 90 days of the year-end, being March 31, 2014.

As a result of this delay in the filing of the required filings, the Ontario Securities Commission issued a management cease trade order on April 16, 2014, against the corporation's chief executive officer and chief financial officer, as opposed to a general cease trade order against the corporation. The management cease trade order prohibits all trading in securities of the corporation, whether directly or indirectly, by the corporation's chief executive officer and chief financial officer until two full business days following receipt by the OSC of the required filings. The management cease trade order does not affect the ability of shareholders who are not insiders of the corporation to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the corporation affecting all of the securities of the corporation.

The company was granted an extension to its original management cease trade order expiring on May 30, 2014, which will remain in place until June 23, 2014. Carpathian's board of directors and management confirm that they are working expeditiously to meet the corporation's obligations relating to the filing of the required filings no later than June 23, 2014. In addition, Carpathian is completing its interim financial statements, related management's discussion and analysis, and accompanying chief executive officer and chief financial officer certifications for the three months ended March 31, 2014. The corporation anticipates filing the interim filings on SEDAR no later than June 23, 2014.

Pursuant to the provisions of the alternative information guidelines specified in Section 4.4 of NP 12-203, the corporation reports that, since the default announcement:

Until the required filings have been filed, the corporation intends to continue to satisfy the provisions of the alternative information guidelines specified in Section 4.4 of NP 12-203 by issuing biweekly default status reports in the form of further press releases, which will also be filed on SEDAR. Once the required filings have been filed, the corporation will no longer be issuing any further biweekly default status reports under Section 4.4 of NP 12-203.

Should Carpathian fail to file the required filings by June 23, 2014, or fail to provide biweekly status reports in accordance with NP 12-203, the OSC can impose a cease trade order on Carpathian, such that all trading in securities of the corporation cease for such period as the OSC may deem appropriate.

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