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The Company has been diligently navigating through these challenges, seeking viable solutions to sustain operations. However, persistently adverse conditions have necessitated a strategic reassessment of its current standing.
During this shuttering of operations,
Under the circumstances, the Company no longer meets the International Financial Reporting Standards (“IFRS”) standard for a going concern as defined underInternational Accounting Standard 1 – Presentation of Financial StatementsandInternational Accounting Standard 10 – Events After the Reporting Period. The IFRS standards require that an entity shall not prepare its financial statements on a going concern basis if management determines after the reporting period either that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so. The Company is unable to obtain an unreserved audit opinion from its auditors without being able to pass the going concern test and therefore will be unable to file its audited consolidated financial statements, the accompanying management’s discussion and analysis, and CEO and CFO certifications with respect to the annual filings for the year ended
A copy of the CTO will be posted on the BCSC website once issued. The Company expects that the CTO will provide that a beneficial security holder of the Company who is not, and was not at the date of the CTO, an insider or control person of the Company, may sell securities of the Company acquired before the date of the CTO if: (a) the sale is made through a “foreign organized regulated market”, as defined in section 1.1 of the Universal Market Integrity Rules ofthe
About
Forward-Looking Statements
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Information and statements which are not purely historical fact are forward-looking statements. The forward-looking statements in this press release relate to comments that include, but are not limited to, statements related to the expected current and future state of operations, the unique market position of the Company, opportunities being explored for the Company’s future, the Company’s ability to repay or restructure its existing debt,a reopening timeline for the Company's operations,the Company’s ability or timing to files the Required Filings, the issuance and possible future lifting of a cease trade order on the Company’s securities and its ability to continue as a going concern. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
Company Contacts
Please visitwww.selectsands.com or contact:
President & CEO Phone 844-806-7313 info@selectsands.com |
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