Toronto, Canada (June 2, 2016) – Mammoth Resources Corp. (TSX-V: MTH) would like to announce that it has been granted a Management Cease Trade Order (MCTO) as a result of the company's late filing of its year-end audited financial statements and accompanying Management Discussion and Analysis which is due to have been completed and filed on May 31, 2016 for the company's fiscal year end dated January 31.
The reason for the default in filing these statements prior to the required date is that the company had in sufficient funds to pay for such audit as it was in the midst of a financing to raise the capital to pay, among other items, the cost of this audit. As of the date of this announcement such funds have been committed to the Company and an arrangement with the auditor has been made to commence the audit.
It is anticipated that the company will complete the year-end audit before the end of July 2016. Timing to complete the company's audit in prior year periods has not been an issue in past audits employing the same auditor. Although the company cannot be certain of timing there is reason to be confident in the audit being completed in this time frame. The company will ensure it updates shareholders of the status of this default on a bi-weekly basis as required by the provisions granting this MCTO.
During this MCTO all management, officers and directors of the company will be prohibited from trading in the company's shares pursuant to the company's black-out procedures.
About Mammoth Resources:
Mammoth Resources (TSX-V: MTH) is a mineral exploration company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company has an option to acquire 100% in the Tenoriba Property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. The company continues to seek other option agreements in the Americas on other properties it deems to host above average potential for economic concentrations of precious metals mineralization. To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company's website at:
www.mammothresources.ca.
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 news release may contain or refer to forward-looking information. All information 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 are forward-looking statements; examples include the listing of its shares on a stock exchange and establishing mineral resources. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement 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 statement, 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 statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.
Original Article: http://www.mammothresources.ca/s/NewsReleases.asp?ReportID=751307&_Type=News-Releases&_Title=MAMMOTH-RESOURCES-ANNOUNCES-MANAGEMENT-CEASE-TRADE-ORDER
