Ateba Resources Inc.

Ateba Resources Inc.

December 23, 2008 15:47 ET

Ateba Resources Inc. Announces Revocation of Cease Trade Orders

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2008) - Ateba Resources Inc. ("The Company") is pleased to announce that effective December 18, 2008, the following cease trade orders previously issued against the Company have all been concurrently revoked by the relevant provincial securities regulators:

(a) an order issued by the Ontario Securities Commission on May 23, 2003, as extended by a further order dated June 4, 2003, for failure to file audited financial statements for the year ended December 31, 2002;

(b) an order issued by the British Columbia Securities Commission on June 3, 2003, as extended by a further order dated June 2, 2004, for failure to file audited financial statements for the year ended December 31, 2003 and unaudited first quarter interim financial statements for the period ended March 31, 2004;

(c) an order issued by the Alberta Securities Commission on June 17, 2004, as extended by a further order dated June 30, 2004, for failure to file audited financial statements for the year ended December 31, 2003 and unaudited first quarter interim financial statements for the period ended March 31, 2004;

(d) an order issued by the Autorite des marches financiers on May 26, 2003, for failure to file audited financial statements for the year ended December 31, 2002 and unaudited first quarter interim financial statements for the period ended March 31, 2003;

(e) an order issued by the Manitoba Securities Commission (against the Company's predecessor, Ateba Mines Inc.) on January 19, 1995, as extended by a further order dated February 2, 1995, for failure to file audited annual financial statements for the years ended December 31, 1992 and 1993, as well as unaudited interim financial statements for the six month periods ended June 30, 1993 and 1994; and

(f) an order issued by the Saskatchewan Securities Commission (against the Company's predecessor, Ateba Mines Inc.) on February 21, 2002, for failure to file audited annual financial statements for the years ended December 31, 1999 and 2000, as well as unaudited interim financial statements for the three, six, and nine month periods ended March 31, June 30, and September 30 for each of the fiscal periods 1999 through 2001.

The Company has now met its continuous disclosure obligations and is substantially up-to-date on all of its filings. On June 12, 2003, the Company filed on SEDAR the audited annual financial statements for the fiscal year ended December 31, 2002. The Company has also filed the following continuous disclosure documents, all of which can be found under the Company's profile at www.sedar.com:

(a) audited annual financial statements for the fiscal years ended December 31, 2003, 2004, 2005, 2006 and 2007; Management's Discussion & Analysis (MD&A) as required under National Instrument 51-102 Continuous Disclosure Obligations for the fiscal years ended December 31, 2005, 2006 and 2007 and all related annual certificates as required under Multilateral Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings (MI 52-109) (filed on September 19, 2008);

(b) interim unaudited financial statements and interim MD&A for the fiscal quarters ended March 31, 2008 and June 30, 2008 and related interim certificates as required under MI 52-109 (filed on September 19, 2008);

(c) interim unaudited financial statements and interim MD&A for the fiscal quarter ended September 30, 2008 and related interim certificate as required under MI 52-109 (filed on November 21, 2008); and

(d) revised interim unaudited financial statements and interim MD&A for the fiscal quarters ended June 30, 2008 and September 30, 2008 and related interim certificates as required under MI 52-109 (re-filed on December 9, 2008).

The Company is currently inactive, but has raised working capital for its reactivation through two private placements, completed on February 6, 2008 and May 21, 2008 respectively. The Company intends to focus its efforts on the mineral exploration of its property to which it possesses the mineral rights, located in The Elliot Lake area of Ontario. Management has extensive expertise in mineral exploration, project evaluation and development, and general corporate and project management.

The Company is, in addition, evaluating other mineral properties in Elliot Lake and is currently reviewing field-data and a technical report pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects, which has been filed on SEDAR.

The Company held an annual and special meeting of the shareholders (the "Meeting") on October 10, 2008.

The directors and officers of the Company are currently as follows:



William P. Dickie - Director, President & CEO
A.C.A. Howe - Director, non-Executive Chairman
John Kennedy - Chief Financial Officer
Peter Evans - Director
Robert Holmes - Director


The common shares of the Company (the "Shares") are currently not listed or quoted on any exchange or market in Canada or elsewhere. The Shares were formerly listed and posted for trading on the TSX Venture Exchange (the "Exchange"); however, the Exchange delisted the Shares when the Company failed both to pay its annual sustaining fees and meet its continuous disclosure obligations.

The Company is applying for a listing of the Shares with the CNSX Markets Inc. (the "CNSX") (formerly Canadian Trading and Quotation System Inc.). Listing will be subject to the Company fulfilling all the listing requirements of the CNSX, and there can be no assurance that the Company will be successful in its effort to acquire such a listing.

Management of the Company intend to keep shareholders informed of its progress in reinstating the Company as a junior mining company and welcomes any inquiries in that regard.

On Behalf of the Board,

ATEBA RESOURCES INC.

William Dickie, President

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Ateba Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Contact Information

  • Ateba Resources Inc.
    William Dickie
    (416) 366-2856