TORONTO, ONTARIO--(Marketwired - Dec. 2, 2013) - Strike Minerals Inc. (TSX VENTURE:STK) ("Strike" or the "Company") is providing this bi-weekly Default Status Report in accordance with National Policy 12-203 -Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On September 19, 2013 the Company disclosed the default notice (the "Default Notice") that, for the reasons disclosed in the Default Notice, there would be a delay in the filing of its annual financial statements, accompanying Management's Discussion and Analysis and related CEO and CFO certifications of annual filings for the financial year ended April 30, 2013 (collectively, the "Required Filings ").
As a result of this delay in filing the Required Filings, a management cease trade order ("MCTO") was granted to the Company. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer, the Chief Financial Officer and the directors of the Company until such time as the Required Filings have been filed by the Company. The MCTO does not affect the ability of all other shareholders who are not insiders of the Company to trade their securities.
The Company also confirms that since the issuance of the MCTO, there has not been any material change concerning the affairs of the Company that has not been disclosed as of the date of this news release.
The Company has entered into a non-binding letter of intent that is under consideration, and is negotiating with other parties. Strike hopes that it will be in a position to remedy the default within four to six weeks from the timing of the first advance under the proposed financing. While the Company is actively pursuing this financing opportunity, there is no certainty that a financing will occur, and there is no certainty that Strike's secured creditors will continue to forbear.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Strike, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, ability to raise funds, dependence upon regulatory approval. There is no assurance that the company's exploration projects will add to Strike's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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.