CALGARY, ALBERTA--(Marketwired - April 16, 2015) - DOT Resources Ltd. (News - Market indicators) ("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 "2014 Annual Audited Financial Statements") by the filing deadline of April 30, 2015 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 2014 Annual Audited Financial Statements by April 30, 2015. 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 2014 Annual Audited Financial Statements by the end of June 2015."
Until DOT completes the filing of the 2014 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 2014 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 2014 Annual Audited Financial Statements within the prescribed time period.
DOT also wishes to announce that, for personal reasons, Mr. Gordon L. Levang has decided to retire as a director of the Corporation. John Komarnicki, the Corporation's Chairman and Chief Executive Officer, wishes to thank Mr. Levang for his significant contributions and counsel to the Corporation during his term as a director. Mr. Levang was a founding member of the board of directors of DOT in 2007.
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 2014 Annual Audited Financial Statements and the filing of the 2014 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 2014 Annual Financial Statements and the completion and filing of the 2014 Annual Audited Financial Statements include: the availability of funds to complete and file the financial statements by the end of June, 2015 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.
