Canadian Manganese Announces Delay in Filing Year End Audited Financial Statements, Issuance of Cease Trade-Order
Canadian Manganese (CDMN) has announced a delay in filing its required year-end 2024 financial documents, leading to a cease-trade order from the Ontario Securities Commission on April 4, 2025. The delay stems from two key factors: the postponed closing of a previously announced royalty financing and the need to consolidate financial statements with its subsidiary Mongoose Mining
The audit delay was primarily caused by late payments of previous year's auditor fees by both CDMN and Mongoose, which has now been resolved through director loans. McGovern Hurley LLP, the company's auditor, couldn't complete both audits by the March 31, 2025 deadline. The company expects to file the required documents by end of April 2025.
The cease-trade order prohibits trading of CDMN securities in Canada, with an exception for certain beneficial securityholders who acquired shares before April 4, 2025, allowing them to sell through foreign organized regulated markets via registered investment dealers.
Canadian Manganese (CDMN) ha annunciato un ritardo nella presentazione dei documenti finanziari richiesti per la fine dell'anno 2024, portando a un'ordinanza di cessazione del commercio da parte della Ontario Securities Commission il 4 aprile 2025. Il ritardo è dovuto a due fattori principali: la chiusura posticipata di un finanziamento da royalty precedentemente annunciato e la necessità di consolidare i bilanci finanziari con la sua controllata Mongoose Mining.
Il ritardo nell'audit è stato causato principalmente dai pagamenti tardivi delle spese di audit dell'anno precedente sia da parte di CDMN che di Mongoose, che sono stati ora risolti attraverso prestiti da parte dei direttori. McGovern Hurley LLP, il revisore dei conti dell'azienda, non è riuscito a completare entrambi gli audit entro la scadenza del 31 marzo 2025. L'azienda prevede di presentare i documenti richiesti entro la fine di aprile 2025.
L'ordinanza di cessazione del commercio vieta il commercio dei titoli CDMN in Canada, con un'eccezione per alcuni azionisti beneficiari che hanno acquisito azioni prima del 4 aprile 2025, consentendo loro di vendere attraverso mercati regolamentati esteri tramite intermediari di investimento registrati.
Canadian Manganese (CDMN) ha anunciado un retraso en la presentación de sus documentos financieros requeridos para el cierre del año 2024, lo que llevó a una orden de cese de comercio por parte de la Ontario Securities Commission el 4 de abril de 2025. El retraso se debe a dos factores clave: el cierre pospuesto de un financiamiento por regalías previamente anunciado y la necesidad de consolidar los estados financieros con su subsidiaria Mongoose Mining.
El retraso en la auditoría fue causado principalmente por los pagos tardíos de las tarifas de auditoría del año anterior tanto por parte de CDMN como de Mongoose, que ya se han resuelto a través de préstamos de los directores. McGovern Hurley LLP, el auditor de la empresa, no pudo completar ambas auditorías antes de la fecha límite del 31 de marzo de 2025. La empresa espera presentar los documentos requeridos para finales de abril de 2025.
La orden de cese de comercio prohíbe el comercio de valores de CDMN en Canadá, con una excepción para ciertos tenedores de valores beneficiarios que adquirieron acciones antes del 4 de abril de 2025, permitiéndoles vender a través de mercados regulados extranjeros mediante intermediarios de inversión registrados.
캐나다 망간(CDMN)이 2024년 연말 재무 문서 제출 지연을 발표하며, 2025년 4월 4일 온타리오 증권 위원회로부터 거래 중지 명령을 받았습니다. 지연의 원인은 두 가지 주요 요인으로, 이전에 발표된 로열티 자금 조달의 마감 연기와 자회사인 몽구스 마이닝과 재무제표 통합의 필요성입니다.
감사 지연은 주로 CDMN과 몽구스가 이전 연도의 감사료를 늦게 지급한 것에서 발생했으며, 이는 이제 이사들의 대출을 통해 해결되었습니다. 회사의 감사인인 McGovern Hurley LLP는 2025년 3월 31일 마감일까지 두 감사 모두를 완료할 수 없었습니다. 회사는 2025년 4월 말까지 필요한 문서를 제출할 것으로 예상하고 있습니다.
거래 중지 명령은 캐나다에서 CDMN 증권의 거래를 금지하며, 2025년 4월 4일 이전에 주식을 취득한 특정 유익한 증권 보유자에게는 예외를 두어, 등록된 투자 딜러를 통해 외국의 조직된 규제 시장에서 판매할 수 있도록 하고 있습니다.
Canadian Manganese (CDMN) a annoncé un retard dans le dépôt de ses documents financiers requis pour la fin de l'année 2024, entraînant un ordre de cessation de négociation de la part de la Commission des valeurs mobilières de l'Ontario le 4 avril 2025. Ce retard résulte de deux facteurs clés : la fermeture retardée d'un financement par redevances précédemment annoncé et la nécessité de consolider les états financiers avec sa filiale Mongoose Mining.
Le retard de l'audit a été principalement causé par des paiements tardifs des frais d'audit de l'année précédente, tant par CDMN que par Mongoose, qui ont maintenant été résolus par des prêts des directeurs. McGovern Hurley LLP, l'auditeur de l'entreprise, n'a pas pu terminer les deux audits avant la date limite du 31 mars 2025. L'entreprise s'attend à déposer les documents requis d'ici la fin avril 2025.
L'ordre de cessation de négociation interdit le commerce des titres CDMN au Canada, avec une exception pour certains détenteurs de titres bénéficiaires ayant acquis des actions avant le 4 avril 2025, leur permettant de vendre par le biais de marchés réglementés étrangers via des courtiers en investissement enregistrés.
Canadian Manganese (CDMN) hat eine Verzögerung bei der Einreichung seiner erforderlichen Finanzdokumente zum Jahresende 2024 angekündigt, was zu einer Handelsstoppverfügung der Ontario Securities Commission am 4. April 2025 führte. Die Verzögerung ist auf zwei Hauptfaktoren zurückzuführen: den verschobenen Abschluss einer zuvor angekündigten Lizenzfinanzierung und die Notwendigkeit, die Finanzberichte mit ihrer Tochtergesellschaft Mongoose Mining zu konsolidieren.
Die Verzögerung der Prüfung wurde hauptsächlich durch verspätete Zahlungen der Prüfungsgebühren des Vorjahres sowohl von CDMN als auch von Mongoose verursacht, die nun durch Darlehen der Direktoren gelöst wurde. McGovern Hurley LLP, der Wirtschaftsprüfer des Unternehmens, konnte beide Prüfungen bis zur Frist am 31. März 2025 nicht abschließen. Das Unternehmen erwartet, die erforderlichen Dokumente bis Ende April 2025 einzureichen.
Die Handelsstoppverfügung verbietet den Handel mit CDMN-Wertpapieren in Kanada, mit einer Ausnahme für bestimmte begünstigte Wertpapierinhaber, die Aktien vor dem 4. April 2025 erworben haben, was es ihnen ermöglicht, über registrierte Investmenthändler an ausländischen regulierten Märkten zu verkaufen.
- Company has secured director loans to pay outstanding auditor fees
- Audits are currently underway with no disagreements between parties
- Company failed to file required year-end financial statements by deadline
- Cease-trade order issued restricting trading of company securities
- Financial constraints indicated by inability to pay auditor fees
- Delayed closing of previously announced royalty financing
Toronto, Ontario--(Newsfile Corp. - April 7, 2025) - Canadian Manganese Company Inc. (CBOE CA: CDMN) ("CDMN" or the "Company") announces a delay in the filing of its audited consolidated financial statements, its management's discussion and analysis, chief executive officer and chief financial officer certificates, and its annual information form for the year ended December 31, 2024 (the "Required Filings"), which were to be filed by March 31, 2025.
The filing delay results from the implications of the delayed closing of its previously announced royalty financing (refer to news release dated November 15, 2024) and the requirement to consolidate the financial statements of the Company's non-wholly owned subsidiary Mongoose Mining Ltd. ("Mongoose"), as described in further detail below.
The Company's consolidated financial statements consolidate the accounts of its non-wholly owned subsidiary Mongoose, whose financial statements also need to be separately audited. The separate audits of the consolidated financial statements of the Company and Mongoose for the year ended December 31, 2024 commenced late due to a delay by the Company and Mongoose in paying their respective auditor's fees from the previous year, which was impacted by the ongoing delay in closing the previously announced royalty financing. Although the arrears payments have now been made by the Company and Mongoose from the proceeds of director loans and the current year's audits are well underway, the auditor (McGovern Hurley LLP) advised the Company that it was not able to complete both audits by the Company's filing deadline of March 31, 2025.
There are no disagreements between the Company or Mongoose and their auditor. The Company and Mongoose are currently working diligently to finalise the audits of their respective annual consolidated financial statements at the earliest possible date. The Company currently expects to be in a position to file its Required Filings by the end of April 2025.
ISSUANCE OF CEASE-TRADE ORDER
As a result of the Company's failure to file the Required Filings by March 31, 2025, the Ontario Securities Commission (the "OSC") issued a failure-to-file cease trade order (the "FFCTO") to the Company on April 4, 2025.
The FFCTO prohibits the trading by any person of any securities of the Company in each jurisdiction in Canada in which the Company is a reporting issuer, for as long as the FFCTO remains in effect, subject to the following exception.
The FFCTO provides an exception for beneficial securityholders of the Company who are not currently (and who were not as of April 4, 2025) insiders or control persons of the Company and who sell securities of the Company acquired before April 4, 2025 if both of the following criteria are met:
(a) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and
(b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.
The OSC has informed the Company that if the default is remedied within 90 days of the date of the FFCTO, including any annual or interim financial statements, MD&A and certifications that subsequently became due, the filing of the Required Filings will constitute the application to revoke the FFCTO.
ABOUT CANADIAN MANGANESE
CDMN is a Canadian critical mineral development company aiming to become a supplier of high-purity manganese metal products for the rechargeable battery industry. CDMN holds the Woodstock Project in New Brunswick.
For further information:
Investors@CanadianManganese.com
www.CanadianManganese.com
Matthew Allas: President and CEO +1 647 338 3748
Cboe Canada has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy of this release.
Notice regarding forward-looking statements:
This news release includes forward-looking statements regarding CDMN and its business. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to: forward-looking information relating to the timing and completion of the filing of the Required Filings. Such statements are based on the current expectations of the management of each entity. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include, but are not limited to, risks regarding the mining industry, economic factors, the equity markets generally, risks associated with growth and competition as well as those risks and uncertainties identified and reported in the Company's public filings under its SEDAR+ profile at www.sedarplus.ca. Although CDMN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and CDMN undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/247581
FAQ
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