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Provider: Reuters Investment Profile
Provider: Reuters Investment Profile
Provider: GlobalData
Provider: Thomson Reuters Stock Report

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Northland Resources SA Announces Default Pursuant to National Policy 12-203

Thursday, 28 Mar 2013 03:15pm EDT 

Northland Resources SA announced that it expects the Ontario Securities Commission (the OSC) to note the Company in default of its continuous disclosure obligations under Ontario securities law due to the Company not filing by April 2, 2013, its audited financial statements (the Annual Financial Statements) and associated management discussion and analysis (the MD&A) for the fiscal year ended December 31, 2012. Since January 2013, Northland has faced serious liquidity issues. Since the negotiations with potential investors are still ongoing, management of the Company is currently not in a position to file its Audited Annual Financial Statements and MD&A by April 2, 2013. The Company expects that the OSC will note that the Company will remain in default until it files the Annual Financial Statements and MD&A. It has submitted an application to the Canadian securities regulatory authorities pursuant to National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults (NP 12 -203) requesting that a management cease trade order be imposed upon the officers of the Company in lieu of a general cease trade order in respect of the Company's continuous disclosure default. Subsequently, the Company intends to satisfy the alternative information guidelines prescribed by NP 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of continuous disclosure requirements.