DOT Announces It Will Not Be Able to File Its 2013 Audited Financial Statements by April 30, 2014
11 April 2014 - 2:30PM
Marketwired
DOT Announces It Will Not Be Able to File Its 2013 Audited
Financial Statements by April 30, 2014
CALGARY, ALBERTA--(Marketwired - Apr 11, 2014) - DOT Resources
Ltd. (TSX-VENTURE:DOT) ("DOT" or the "Corporation") announces that
the Corporation will not be able to file its annual audited
financial statements, management's discussion and analysis and CEO
and CFO certificates (collectively, the "2013 Annual Audited
Financial Statements") by the filing deadline of April 30, 2014 as
prescribed by National Instrument 51-102 - Continuous
Disclosure Obligations ("NI 51-102"). This is due to a current
lack of funds to remunerate the Corporation's auditors.
Don McKechnie, DOT's Chief Financial Officer explained, "As DOT
is a junior exploration corporation with no current sources of
revenue, it must generate cash flow to meet its obligations through
the sale of common shares. To date, DOT has not been successful in
raising the funds necessary to remunerate its auditors in time to
complete and file the 2013 Annual Audited Financial Statements by
April 30, 2014. DOT 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
DOT can complete and file its 2013 Annual Audited Financial
Statements by the end of June 2014."
Until DOT completes the filing of the 2013 Annual Audited
Financial Statements, DOT 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 DOT to
issue bi-weekly default status reports by way of a news release so
long as the 2013 Annual Audited Financial Statements have not been
filed.
DOT 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 DOT listed
common shares, however, the Corporation's Chief Executive Officer,
Chief Financial Officer and such other directors, officers and
persons as determined by the applicable regulatory authorities,
will not be able to trade DOT shares. If a MCTO is not granted, the
applicable regulatory authorities may issue a cease trade order
against DOT for failure to file the 2013 Annual Audited Financial
Statements within the prescribed time period.
ABOUT DOT
DOT is a Canadian corporation focused on exploration and
development of its copper properties in central British Columbia.
DOT shares trades on the TSX Venture Exchange under the symbol DOT.
The Corporation's website can be accessed at
www.dotresourcesltd.com.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking
Statements
Certain
statements contained in this release constitute "forward-looking
statements". These statements relate to future events or future
performance. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Corporation's current belief or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. In particular, this
release contains forward looking statements relating to the 2013
Annual Audited Financial Statements and the filing of the 2013
Annual Audited Financial Statements. Various assumptions or factors
are typically applied in drawing conclusions or making the
forecasts or projections set out in forward looking statements.
Those assumptions and factors are based on information currently
available to the Corporation. The material factors and assumptions
with respect to the commencement of the audit of the 2013 Annual
Financial Statements and the completion and filing of the 2013
Annual Audited Financial Statements include: the availability of
funds to complete and file the financial statements by the end of
June, 2014 and the auditors not encountering anything out of the
ordinary that would cause the auditors not to be able to complete
the audit as anticipated. Risk Factors that could cause actual
results or outcomes to differ materially from the results expressed
or implied by forward looking statements include, among other
things: general economic and business conditions, and political and
social risks. Forward-looking statements contained in this release
are made based on Management's beliefs, estimates and opinions on
the date the statements are made and the Corporation undertakes no
obligation to update forward looking statements and if these
beliefs, estimates and opinions or other circumstances should
change, except as required by applicable law. Because of the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on forward looking statements. The forward
looking statements contained herein are expressly qualified by this
cautionary statement. Statements contained in this news release
constitute "forward-looking statements" as such term is used in
applicable Canadian and US securities law.
DOT Resources Ltd.Ihor P. WasylkiwVP & Chief Information
Officer+1 (403) 264-2647DOT Resources Ltd.Donald D. McKechnieVP
& CFO+1 (403) 264-2647www.dotresourcesltd.com
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