September 30, 2020 – Vancouver, Canada - Guyana Goldstrike Inc. (the “Company” or “Guyana Goldstrike”) (TSXV: GYA, OTC: GYNAF) provides the following update on the status of its audited financial statements for the fiscal year ended April 30, 2020 (the “Annual Filings”), and interim financial statements for the three-month period ended July 31, 2020 (the “Interim Filings”), and their related management’s discussion and analysis and certifications.
As previously announced, the Company required additional time to complete audit work related to the Annual Filings and is relying upon British Columbia Securities Commission Blanket Order 51-517 – Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 (the “Blanket Order”) which provides the Company with an extension until October 13, 2020 to complete the filings.
The audit work related to the Annual Filings is at an advanced stage at this time, but the delay resulted from the need to obtain transactional information from the local Guyana entity which controls the Marudi Gold Project, which the Company previously operated. The Company has worked with the auditors to address the outstanding information, and the Company anticipates completing the Annual Filings by October 13, 2020.
As a result of the delay in completing the Annual Filings, the Company has also experienced a delay in completing the Interim Filings. The British Columbia Securities Commission has granted the Company’s request for a management cease trade order (the “MCTO”) regarding the Interim Filings, and the Company now anticipates completing the Interim Filings by October 30, 2020.
During the period during in which the MCTO is in effect the general investing public will continue to be able to trade in the Company’s securities. However, for the duration of the MCTO, the Chief Executive Officer and the Chief Financial Officer will not be able to trade in the Company’s common shares. The Company has also imposed an insider trading blackout pending completion of the Annual Filings and the Interim Filings. The Company will comply with the alternative information guidelines set forth in National Policy 12-203 – Management Cease Trade Orders until such time as the Annual Filings and the Interim Filings are completed. The MCTO will remain in effect until the Company completes the Annual Filings and the Interim Filings or the MCTO is otherwise revoked or varied.
On behalf of the Board of Directors of
GUYANA GOLDSTRIKE INC.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the status of the Annual Filings and the Interim Filings, the anticipated completion of these filings, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.