Petroleum Africa
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Tuesday, March 3, 2015
Cygam Energy will not be filing its audited annual financial statements for the year ending December 31, 2014, related management’s discussion & analysis, certifications of annual filings or its statement of reserves data and other oil and gas information for the year ending December 31, 2014 within the time period prescribed by securities regulation given the company’s current financial condition.
Unfortunately for the company this could lead to a halt in the trading of its shares from the TSX Venture Exchange, as if the filings are not made within the prescribed time period, the applicable securities commissions and regulators will issue orders prohibiting all trading in Cygam securities. Also, it is likely the TSX Venture Exchange will commence a listing review of the company’s common shares resulting in the delisting of such securities.
The company also reported that a special committee comprised of independent directors has been appointed to continue the process to identify, examine and implement strategic alternatives available to the company. Strategic alternatives may include, but are not limited to, the sale of the company or all or a portion of its assets, winding down unprofitable operations, proceedings under the Bankruptcy and Insolvency Act, debt restructuring or any combination thereof. Given the company’s available cash on hand, a financial advisor has not been retained to assist with this process.
As previously disclosed in the interim financial statements for the period ended September 30 and given its current financial condition and available cash on hand, material uncertainty exists as to the company’s ability to operate as a going concern.
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