Prospera Announces Late Filing of Annual Financial Disclosure
Prospera Energy Inc. announced a delay in filing its audited financial statements for the year ending December 31, 2021, due to restructuring operations and changes in accounting practices. This delay has led to a default under National Instrument 51-102. The company has applied for a management cease trade order (MCTO) affecting management trading but not general shareholders. Prospera is working with Crowe MacKay LLP to finalize the audit, aiming to complete filings by May 31, 2022. It confirms no insolvency proceedings are underway.
- Prospera is actively working with Crowe MacKay LLP to complete its audit.
- The company aims to remedy the default and file required documents by May 31, 2022.
- No insolvency proceedings are reported.
- The delay in filing required financial statements puts Prospera in default of its obligations.
- Management has applied for a management cease trade order, indicating potential issues with compliance.
CALGARY, Alberta, May 20, 2022 (GLOBE NEWSWIRE) -- Prospera Energy Inc. ("Prospera" or the "Corporation") (PEI:TSX-V; OF6A:FRA) today announces that the filing of its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2021 (the "Required Filings"), will be delayed beyond the filing deadline of April 30, 2022, and as a result is in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations. The delay in the completion of the Required Filings is as a result of Prospera restructuring its operations and accounting processes in 2021, which includes adherence to International Financial Reporting Standards (IFRS). In December 2021, Prospera appointed Crowe MacKay LLP as its new auditor who has subsequently asked for additional time to complete the 2021 financial audit. As a result, Prospera has delayed filing of the Required Filings to ensure Crowe MacKay LLP can finalize their audit review.
The Corporation has made an application to the Alberta Securities Commission (the "ASC") for a management cease trade order (the "MCTO"), which would restrict all trading in securities of the Corporation, whether direct or indirect, by management of the Corporation. The MCTO does not generally affect the ability of shareholders who are not insiders of the Corporation to trade their securities. There is no certainty that the MCTO will be granted.
The Corporation is working expeditiously with its auditor, Crowe MacKay LLP, to complete the audit as soon as possible. Prospera plans to remedy the default and file the Required Filings as soon as it is able to do so and expects such filing to occur on or prior to May 31, 2022. The Corporation also intends to satisfy the provisions of the alternate information guidelines of Section 10 of National Policy 12-203 Management Cease Trade Orders as long as it is in default of the filing requirements.
The Corporation confirms that there are no insolvency proceedings against it as of the date of this press release. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date of this press release.
About Prospera
Prospera is a Canadian natural resource company engaged in the acquisition, exploration, development and production of oil and gas properties with operations in Alberta and western Saskatchewan.
For more information, please contact:
Samuel David
Director, President and Chief Executive Officer
403-454-9010
Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding the issuance of the MCTO and timing of the filing of the Required Filings. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Prospera assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Prospera with the securities regulatory authorities, 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 press release.
FAQ
Why is Prospera Energy delaying its financial statements filing for 2021?
What is the management cease trade order (MCTO) applied for by Prospera Energy?
When does Prospera Energy expect to file its required financial statements?
Are there any insolvency proceedings against Prospera Energy?
What are the implications of the delay in financial filings for shareholders of GXRFF?
