DESERT MOUNTAIN ENERGY CORP. ANNOUNCES DELAY IN FILING OF ANNUAL FINANCIAL STATEMENTS AND RELATED FILINGS

Rhea-AI Summary

Desert Mountain Energy Corp. (DMEHF) has failed to file its annual audited financial statements and related documents by the prescribed deadline, resulting in the granting of a temporary management cease trade order (MCTO) by the British Columbia Securities Commission. The MCTO restricts trading in the company's securities by its Chief Executive Officer and Chief Financial Officer. The company aims to remedy the default by filing the Required Filings no later than March 29, 2024, with the MCTO remaining in effect until then.

Positive

• None.

Negative

• Failure to file annual audited financial statements and related documents by the prescribed deadline
• Granting of a temporary management cease trade order (MCTO) by the British Columbia Securities Commission
• Restriction on trading in the company's securities by its Chief Executive Officer and Chief Financial Officer

TSX.V: DME
U.S. OTC: DMEHF
Frankfurt: QM01

VANCOUVER, BC, Jan. 30, 2024 /PRNewswire/ - Desert Mountain Energy Corp. (the "Company" or "Desert Mountain") (TSXV: DME) was not able to file its annual audited financial statements for the year ended September 30, 2023 and its related MD&A, and chief executive officer and chief financial officer certifications in respect of the foregoing, as well as its statement of reserves data and other oil and gas information, report on reserves data by an independent qualified reserves evaluator or auditor, report of management and directors on oil and gas disclosure and notice of filing of 51-101F1 information (collectively, the "Required Filings"), by the prescribed filing deadline of January 29, 2024 (the "Filing Deadline").

The Company made an application to the British Columbia Securities Commission for a temporary management cease trade order ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203").  The MCTO was granted today.  The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company. The issuance of the MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of the Company to trade in securities of the Company.

The Company anticipates that it will be a position to remedy the default by filing the Required Filings no later than March 29, 2024. The MCTO will be in effect until the Required Filings are filed.

The Company intends to satisfy the provisions of the alternative information guidelines set out in Sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding, and to issue bi-weekly default status updates.

ABOUT DESERT MOUNTAIN ENERGY

Desert Mountain Energy Corp. is a publicly traded resource company primarily focused on the exploration, development and production of helium, hydrogen, natural gas and condensate. The Company is focused on helium extraction from different raw gas sources in an environmental and economic manner supplying elements deemed critical to the renewable energy and high technology industries. 

We seek safe harbor

"Robert Rohlfing"
Robert Rohlfing
Exec Chairman & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in polices of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties.  Actual events or results may differ from the Company's expectations.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward looking statements and information herein include but are not limited to statements regarding the Company's anticipated performance in the future the planned exploration activities, receipt of positive results from drilling, the completion of further drilling and exploration work, and the timing and results of various activities.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and the United States; financial risks due to helium prices, operating or technical difficulties in exploration and development activities; risks and hazards and the speculative nature of resource exploration and related development; risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company's exploration operations, no material adverse change in the market price of commodities, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not intend to, and nor does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

View original content:https://www.prnewswire.com/news-releases/desert-mountain-energy-corp--announces-delay-in-filing-of-annual-financial-statements-and-related-filings-302048622.html

SOURCE Desert Mountain Energy Corp.

FAQ

What is the ticker symbol for Desert Mountain Energy Corp.?

The ticker symbol for Desert Mountain Energy Corp. is DMEHF.

What documents did Desert Mountain Energy Corp. fail to file by the prescribed deadline?

Desert Mountain Energy Corp. failed to file its annual audited financial statements for the year ended September 30, 2023, its related MD&A, and chief executive officer and chief financial officer certifications, among other required filings.

What is the effect of the temporary management cease trade order (MCTO) granted to Desert Mountain Energy Corp.?

The MCTO restricts all trading in securities of the company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the company.

When does Desert Mountain Energy Corp. aim to remedy the default?

Desert Mountain Energy Corp. aims to remedy the default by filing the Required Filings no later than March 29, 2024.

What is the duration of the MCTO granted to Desert Mountain Energy Corp.?

The MCTO will remain in effect until the Required Filings are filed by Desert Mountain Energy Corp.

What alternative measures does Desert Mountain Energy Corp. intend to satisfy while the Required Filings are outstanding?

The company intends to satisfy the provisions of the alternative information guidelines set out in Sections 9 and 10 of NP 12-203 and to issue bi-weekly default status updates.