|October 22, 2013|
Armadillo Updates Status of Management Cease Trade Order
|October 22, 2013, Vancouver, BC - ( CNSX:ARO) Les Kjosness, President & CEO of Armadillo Resources Ltd. ("the Company" or "Armadillo") announces that further to its news release dated October 9, 2013, 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 remains unable to acquire a legal opinion from Brazil for 2013 regarding the status of a tax default penalty, if any. Without the legal opinion, the Company therefore cannot satisfy the auditor's requirements. As a result of this default, a Management Cease Trade Order (MCTO) was placed on the Company's Management and Insiders.
Until Armadillo completes the filing of the 2013 Annual Audited Financial Statements, the Company will continue to 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.
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.
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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