Reef Resources Ltd.
TSX VENTURE : REE

Reef Resources Ltd.

November 20, 2013 16:01 ET

Reef Announces Application for Management Cease Trade Order

CALGARY, ALBERTA--(Marketwired - Nov. 20, 2013) - Reef Resources Ltd. ("Reef" or the "Corporation") (TSX VENTURE:REE) announces that it has made an application to the Alberta Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading in securities of the Corporation by certain insiders of the Corporation, whether direct or indirect. The Corporation is unable to file its annual financial statements for the year ended July 31, 2013, its interim financial statements for the period ended October 31, 2013 and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for each of these periods (collectively, the "Required Filings") before their respective November 28, 2013 and December 30, 2013 filing deadlines (the "Filing Deadlines").

Reef's failure to file the Required Filings before the Filing Deadlines is a result of delays in obtaining the funding necessary to retain an auditor and related accounting services. The Corporation is actively securing additional financing and expects to have the financing completed by December 16, 2013 and expects the auditor and accountant to complete the annual and interim financial statements within 6 weeks of the closing of the financing.

The Corporation anticipates that it will be a position to remedy the default by filing the Required Filings by January 28, 2013. The MCTO will be in effect until the Required Filings are filed.

The Corporation intends to satisfy the provisions of the alternative information guidelines set out in section 4.3 and 4.5 of NP 12-203 so long as the Required Filings are outstanding.

The Corporation has not taken any steps towards any insolvency proceeding and the Corporation has no material information to release to the public.

Forward-Looking Statements. 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 future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, 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 those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.

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.

Contact Information

  • Reef Resources Ltd.
    Arnie Hansen
    President & CEO
    (403) 251-9447
    Suite 1120, 444 -5th Ave. SW
    Calgary, AB T2P 2T8

    Reef Resources Ltd.
    Larry Olson
    CFO
    (403)-251-9447 or C: (250) 460-2640