Vancouver, May 31, 2022 - Zinc One Resources Inc. (NEX: Z.H) ("Zinc One" or the "Company") announces that it has made an application to the British Columbia and Alberta Securities Commission to approve a temporary management case trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading securities by the Company by the Chief Executive Officer and Chief Financial Officer of the Corporation until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, will continue to be able to trade in the Company's listed securities. The MCTO application has been made but there is not guarantee or assurance that the MCTO will be granted.
The Company expects it will be unable to file its audited financial statements for the year ended February 28, 2022, and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the June 28, 2022 filing deadline (the "Filing Deadline").
The Company's failure to file its Required Filings by the Filing Deadline is due to the ongoing complications in coordinating with the Company's auditors and collection of required data and documentation to complete the audit of the Company and its various subsidiaries, during the financial year end February 28, 2022.
The Company anticipates that it will be in a position to remedy the default by filing the Required Filings on or about August 15, 2022. The MCTO will be in effect until the Required Filings are filed.
During this MCTO, all management, officers and directors of the Company will be prohibited from trading in the Company's securities pursuant to the Company's black-out procedures.
The Company intends to satisfy the provision of the alternative information guidelines set out in sections 9 and 10 of NP-12-203 as long as the Required Filings are outstanding.
Change in Officers
The Company announces that Ms. Natasha Tsai has resigned from her position as Chief Financial Officer. Mr. Gunther Roehlig, interim CEO and director, has been appointed as Interim Chief Financial Officer to fill the vacancy. The Board of Directors would like to thank Ms. Tsai for all of her efforts as Chief Financial Officer.
Zinc One Resources Inc.
Phone: (604) 683-0911
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zinc One cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One's limited operating history and its ability to complete sufficient financing to repay amounts owed to its creditors. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Zinc One does not undertake to publicly update or revise forward-looking information. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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