|October 09, 2013|
Armadillo Will File Audited Financial Statements by October 31, 2013 MCTO Application Granted
|October 9, 2013, Vancouver, BC - ( CNSX:ARO) Les Kjosness, President & CEO of Armadillo Resources Ltd. ("the Company" or "Armadillo") announces it has not filed its annual audited financial statements, management's discussion and analysis and CEO and CFO certificates for the year ended May 31, 2013 (collectively, the "2013 Annual Audited Financial Statements") by the filing deadline of September 30, 2013 as prescribed by National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"). |
Armadillo has been unable to acquire a legal opinion from Brazil for 2013 regarding the status of a tax default penalty, if any. Without the legal opinion, we have not been able to satisfy the auditor's requirements.
Until Armadillo completes the filing of the 2013 Annual Audited Financial Statements, the Company 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 Armadillo to issue bi-weekly default status reports by way of a news release so long as the 2013 Annual Audited Financial Statements have not been filed.
Armadillo has made an application to the applicable regulatory authorities for a management cease trade order ("MCTO"), which has been granted. Pursuant to the MCTO the general investing public will still be able to trade the Company's 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 Armadillo shares.
This action by the Company is intended to ensure that there is no inconvenience suffered by the shareholders of Armadillo and the general investing public. Armadillo confirms that it is not the object of any proceedings under insolvency legislation and that there are no other material facts not generally disclosed. This default has resulted in a Management Cease Trade Order (MCTO) placed on the Company's Management and Insiders.
Armadillo continues to contact our legal representative in Brazil to acquire the legal opinion.
On behalf of the Board,
President and Director
For further information:
Les Kjosness: 604-952-6676
Kirsti Mattson: 778-434-2241 Media
The CNSX has neither approved nor disapproved of the accuracy of this release. The news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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