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Monday, July 11, 2016
EnerGulf Resources saw its trading of shares suspended on July 5 as a result of a cease trade order (CTO) issued by the British Columbia Securities Commission. The CTO was issued because the company was unable to file its annual audited financial statements, for the period ended February 29, 2016 and the related Form 51-102F1 Management’s Discussion and Analysis and certifications (within the time permitted under the Securities Act (B.C.).
The company attributed the delay in filing on the increased complexity and amount of accounting and audit work required as a result of the business combination with Columbus Copper in September 2015, compounded by a recent change in the Company’s administrative personnel. The Company expects to have the audited statements filed in the next 2 to 3 weeks.
As a result of the trading suspension, EnerGulf has also been put on notice by the TSX Venture Exchange that its shares will be transferred to NEX on October 3, 2016 if it does not complete its reinstatement to Tier 2 and is unable to meet Tier 2 Continued Listing Requirements by that date.
The company may avoid such a transfer by filing a submission to the Exchange evidencing that it meets Tier 2 CLR or has a satisfactory plan to meet Tier 2 CLR. The company intends to make the required submission forthwith after it completes its Annual Filings.
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