TORONTO, May 16, 2014 /CNW/ - Red Tiger Mining Inc.,
(TSXV: RMN), (the "Company" or "Red Tiger") is providing this
bi-weekly update on its Financial Statement Status in accordance
with National Policy 12-203 – Cease Trade Orders for Continuous
Disclosure Defaults ("NP 12-203"). On April
24, 2014, the Company announced that for reasons disclosed
in the news release, there would be a delay in the filing of its
audited financial statements for the year ended December 31, 2013 and its related Management
Discussion & Analysis and CEO and CFO certifications
(collectively, the "Required Filings") beyond the 120 day period
prescribed for the filing of such documents.
As a result of this delay in filing, on May 2, 2014, the Ontario Securities Commission
(the "OSC"), the principal regulator of the Company, issued a
management cease trade order ("MCTO"). The MCTO imposes
restrictions on trading in the Company's securities by its Chief
Executive Officer and Chief Financial Officer until the Company
files the required filings, and the OSC makes an order revoking it.
All other parties are permitted to freely trade the Company's
securities.
Further to its press release on May 5,
2014, the Company has hired a new third party to report on
the inventory balances and recovery rates, which is needed in order
to complete the audited financial statements. The Company continues
to work with its auditors and the third party to complete the audit
of the Company's consolidated financial statements for the year
ended December 31, 2013 as soon as
possible and still anticipates filing the Required Filings by the
end of May, 2014.
Red Tiger is listed on the TSX
Venture Exchange (symbol "RMN"). The number of shares outstanding
is 101,318,776.
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 Information
This press release contains certain "forward-looking
information". All statements, other than statements of historical
fact, that address activities, events or developments that the
Company believes, expects or anticipates will or may occur in the
future (including, without limitation, statements relating to the
anticipated date for filing of its financial statements, MD&A
and Certifications and the Company's intentions to comply with the
Alternative Information Guidelines of NP 12-203) constitute
forward-looking information. This forward-looking information
reflects the current expectations or beliefs of the Company based
on information currently available to the Company as well as
certain assumptions including, without limitation, the assumption
that the Company will be granted an order imposing a management
cease trade order and the assumption that the Company will complete
its audit in a timely manner. Forward-looking information is
subject to a number of significant risks and uncertainties and
other factors that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
information, and even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, but are not limited
to, the failure of the Company to complete its audit in a timely
manner.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
SOURCE Red Tiger Mining Inc.