PPX Receives Cease Trade Order

Rhea-AI Summary

PPX Mining Corp. (OTC PINK:SNNGF) has failed to file its annual financial statements for the fiscal year ending September 30, 2020, by the January 29, 2021 deadline, leading to a Cease Trade Order issued by the British Columbia and Ontario Securities Commissions. Trading on the TSX Venture Exchange has been suspended. The Company attributes the delay to COVID-19 quarantine measures and is working with auditors to submit the required filings promptly. PPX Mining assures there is no other undisclosed material information regarding its operations.

Positive

• The Company is actively working with auditors to resolve the filing delay.
• PPX Mining intends to have the Cease Trade Order revoked once the financial statements are filed.

Negative

• Failure to file financial statements on time has led to trading suspension.
• The Cease Trade Order may negatively impact investor confidence and stock liquidity.

VANCOUVER, BC / ACCESSWIRE / February 4, 2021 / PPX Mining Corp. (TSXV:PPX)(OTC PINK:SNNGF)(the "Company" or "PPX") discloses that the filing of the Company's annual financial statements for the fiscal year ended September 30, 2020, the related management's discussion and analysis, and the certification of the annual filings for the year ended September 30, 2020 (collectively, the "2020 Annual Financial Statements"), were not completed by the deadline of January 29, 2021 as was required by the British Columbia Securities Commission. As a result, the British Columbia Securities Commission and the Ontario Securities Commission have issued a cease trade order (the "Cease Trade Order") today against the Company and securities have been suspended from trading on the TSX Venture Exchange.

The Company continues to work closely with its auditor and expects to file the 2020 Annual Financial Statements as soon as possible. The completion of the 2020 Annual Financial Statements were in part delayed by the quarantine measures instituted as a result of the COVID-19 pandemic. Once the 2020 Annual Financial Statements are finalized, the Company will seek to have the Cease Trade Order revoked. The Company will be forthcoming with an update on the 2020 Annual Financial Statements once the required filings have been made. The Company also confirms, as of the date of this news release, that there is no other material information concerning the affairs of the Company that has not been generally disclosed.

On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer

For Further Information, Please Contact:
PPX Mining Corp.
Brian J. Maher, President and Chief Executive Officer
Phone: 1-530-913-4728
Email: brian.maher@ppxmining.com
Website: www.ppxmining.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 Statement:
Certain disclosure in this release may constitute "forward-looking statements" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. In particular, this release contains forward-looking information relating to the anticipated filing dates of the Company's financial statements. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks are described from time to time in the Company's filings with the appropriate securities commissions, and may include, among others, market conditions and delays or failure by the Company in filing its financial statements or default status reports. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: PPX Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/628010/PPX-Receives-Cease-Trade-Order

FAQ

Why did PPX Mining receive a cease trade order?

PPX Mining received a cease trade order due to the failure to file its annual financial statements by the January 29, 2021 deadline.

What is the ticker symbol for PPX Mining?

The ticker symbol for PPX Mining is SNNGF.

When did PPX Mining fail to file its financial statements?

PPX Mining failed to file its financial statements for the fiscal year ended September 30, 2020, by the January 29, 2021 deadline.

What actions is PPX Mining taking after the cease trade order?

PPX Mining is working closely with its auditor to file the overdue financial statements and plans to seek the revocation of the cease trade order.

What impact does the cease trade order have on PPX Mining's stock?

The cease trade order has suspended trading of PPX Mining's securities on the TSX Venture Exchange, affecting stock liquidity and investor confidence.