Silver X Provides Update on MCTO

Rhea-AI Summary

Silver X Mining Corp. (TSX-V:AGX) (OTCQB:AGXPF) announced a default status report following a management cease trade order (MCTO) due to the delay in filing audited annual financial statements for the year ending December 31, 2021. The audit is ongoing, with expectations to complete and file the statements by May 30, 2022. The company will issue bi-weekly updates until compliance is achieved and will adhere to alternative information guidelines during this period.

Positive

• Expects to complete the audit and file financial statements by May 30, 2022.

Negative

• Failed to meet the filing deadline of May 2, 2022, leading to a management cease trade order.
• Continued trading restrictions on specified insiders until compliance is achieved.

VANCOUVER, BC / ACCESSWIRE / May 18, 2022 / SILVER X MINING CORP. (TSX-V:AGX) (OTCQB:AGXPF) ("Silver X" or the "Company") is providing a default status report in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203")

On May 4, 2022 the Company announced that it was not in a position to file its audited annual financial statements, management's discussion and analysis and related certifications (the "Issuer Statements"), for the financial year ended December 31, 2021 on or before the filing deadline of May 2, 2022, and the British Columbia Securities Commission ("BCSC") granted a management cease trade order ("MCTO") ordering that all trading by specified insiders of the Company in the securities of the Company cease until the Issuer Statements are filed and the Executive Director of the BCSC revokes the MCTO.

The audit of the annual financial statements is in progress and the Company still expects to have the audit of the Issuer Statements completed, and the Issuer Statements filed, no later than May 30, 2022.

The Company will continue to provide bi-weekly default status reports, as required by NP 12-203, until the Issuer Statements have been filed. The Company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in Sections 9 and 10 of NP 12-203 during the period of default.

ON BEHALF OF THE BOARD OF DIRECTORS
OF SILVER X MINING CORP.

Jose M. Garcia Jimenez
Chief Executive Officer and Director

For further information, please contact:

Silver X Mining Corp.
José M. Garcia, CEO
+ 1 604 358 13682 | j.garcia@silverxmining.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.

Cautionary Note Regarding Forward Looking Information

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of the word, "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this news release contains forward-looking information relating to the anticipated date for filing the annual financial statements for the year ended December 31, 2021 and related management's discussion and analysis. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The Company cautions the reader that the above list of risk factors is not exhaustive. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws, or as otherwise may be disclosed in this news release. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information.

SOURCE: Silver X Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/701915/Silver-X-Provides-Update-on-MCTO

FAQ

What is the status of Silver X Mining Corp's financial statements for 2021?

Silver X Mining Corp is currently in default status, having failed to file its audited annual financial statements by the deadline of May 2, 2022.

What is the expected date for filing the financial statements for Silver X Mining Corp?

The company expects to have its financial statements filed by May 30, 2022.

Why was a management cease trade order issued for AGXPF?

A management cease trade order was issued due to Silver X Mining Corp's inability to file its audited financial statements on time.

Will Silver X Mining Corp provide updates on its filing status?

Yes, Silver X Mining Corp will provide bi-weekly default status reports until the financial statements are filed.