CALGARY, ALBERTA, April 29, 2020 – CMX Gold & Silver Corp. (CSE:CXC; OTC:CXXMF) (“CMX” or the “Company”) announces that the filing of the Company’s audited financial statements for the fiscal year ended December 31, 2019 (“Financial Statements”), the management discussion and analysis (“MD&A”), and the related CEO and CFO certifications will be delayed beyond the filing deadline of April 29, 2020. CMX has been forced to delay the filing as planning and logistical challenges caused by the COVID-19 pandemic crisis have made it impossible to meet the statutory filing deadlines.
The Company is relying on orders granted by Canadian securities regulatory authorities, including Alberta Securities Commission Blanket Order 51-517, which provides a temporary exemption from certain corporate finance requirements for a period of 45 days from the statutory filing deadlines. CMX may not be able to complete its filings by the end of the applicable extension period ending June 13, 2020 and may seek further exemptive relief, if necessary, at a later date.
The Company presently estimates that its 2019 Financial Statements, MD&A and related certificates will be filed no later than June 30, 2020. Until such time, the Company’s management and other insiders are subject to a trading blackout that reflects the principles contained in Section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Trading in CMX’s shares on the Canadian Securities Exchange (the “CSE”) have been halted pending regulatory approval and completion of an acquisition of Interfield Software Solutions (“Interfield”), which constitutes a fundamental change under the policies of the CSE (the “RTO”). The RTO was announced August 1, 2019. The Company has filed a Listing Application with the CSE for approval of the RTO. In March 2020, Interfield advised CMX that the concurrent financing it was arranging was placed on hold given the current financial markets environment resulting from the COVID-19 pandemic crisis. Because of uncertainties around the timing of the end of the COVID19 pandemic crisis, there can be no assurance that the RTO will be completed.
Trading in the shares of the CMX is expected to remain halted until the CSE has approved the RTO and the trading halt has been withdrawn.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
About CMX Gold & Silver Corp. (CSE:CXC)
CMX Gold and Silver Corp. is a junior mining company engaged in the acquisition, exploration and development of gold/silver and base metals properties. CMX’s major asset is the 100%-owned Clayton Silver Property located in the mining-friendly State of Idaho, U.S.A. The property comprises approximately 276 ha (684 acres) in Custer County in south-central Idaho, including the former Clayton silver-lead-zinc mine, which has 6,000 meters of underground workings and development on eight levels.
WARNING: the Company relies upon litigation protection for “forward looking” statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the operations of the Company, changes to securities regulation requirements, other changes in laws or regulations, unanticipated risks of the COVID-19 pandemic crisis, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.