TSX-V-listed diamond miner Diamcor Mining, with operations in South Africa, reports that owing to ongoing delays in South Africa it will be unable to file its audited financial statements and corresponding management’s discussion and analysis for the financial year ended March 31.
The company’s Krone-Endora at Venetia mine is in South Africa, which has undergone some of the strictest lockdowns globally and which has affected many non-essential mining operations in the country.
The statements and management’s decision were typically expected to be filed on or before the prescribed filing deadline of September 14, as required by the National Instrument 51-102 – Continuous Disclosure Obligations and the British Columbia Securities Commission.
The reasons for the delay in filing include the inability to complete the South African portion of the company’s yearly audit in normal timeframes as a result of ongoing travel and work restrictions, the Canadian auditors' inability to complete their audit owing to reliance on the finalisation of audit work in South Africa, and the requirement for Canadian auditors to obtain information from South Africa by alternative methods.
Some of the requested supporting documentation is not in the control or direction of Diamcor and consequently the company was unable to fulfil the auditor’s request prior to the filing deadline for the financial disclosure.
As such, Diamcor is working to provide the additional documentation to its auditors and to complete the audit of the financial statements for the year, with the company anticipating it will be in a position to file its financial disclosure before October 15.
The company confirms that it will comply with the alternative information guidelines included in National Policy 12-203 – Management Cease Trade Orders, for so long as it remains in default of a specified requirement.
Further, Diamcor has filed an application with the British Columbia Securities Commission and the Alberta Securities Commission requesting that they issue a management cease trade order against Diamcor’s directors, officers and/or insiders instead of a cease trade order against the company and all of its security holders.