TORONTO, June 30, 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 beyond the
120 day period prescribed for the filing of such documents. As a
result, the interim financial statements for the period ended
March 31, 2014 and its related
Management Discussion & Analysis and CEO and CFO certifications
will also be delayed. The late financial statements, management
discussion and analysis and related CEO and CFO certifications are,
collectively, the "Required Filings".
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 Company reports that,
since the issuance of the press release on June 13, 2014, the previous anticipated filing of
the Required Filings by end of June, 2014 will not be met. The
Company now anticipates filing the Required Filings by the end of
July, 2014 and the MCTO has been extended until July 31, 2014. 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. The MCTO does not
prevent any other parties from trading the Company's
securities.
Further to its press release on June 13,
2014, the Company continues to work with its auditors to
complete the audit of the Company's consolidated financial
statements for the year ended December 31,
2013 as soon as possible. In addition to a few accounting
issues, including resolving the complex treatment for revised
timing to repay a loan and its related derivative asset, the most
significant challenge the Company faces is finalizing the tax
section of the financial statements. Unfortunately, the Company's
Finance Manager, who was responsible for administering the
Company's tax affairs in Mexico,
passed away suddenly in June. While it has proven unexpectedly
difficult to respond to all of the auditor's
Mexico tax-related inquiries following our Financial Manager's
passing, the Company has been working diligently to conclude
the tax section of our financial statements. The Company
expects that once the tax section is concluded, it will be in a
position to file the Required Filings. Due to the delay in filing
the Required Filings for December 31,
2013, the Company's March 31,
2014 interim filings will also be delayed as the audited
accounts need to be completed before the interim accounts can be
prepared.
There has not been any specified default by the Company under NP
12-203 other than the delay in filing the Required Filings, and
there is no other material information concerning the affairs of
the Company that has not been generally disclosed.
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 complee 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.