Tsodilo Resources Limited Announces Delay of Filings

Rhea-AI Summary

Tsodilo Resources Limited (TSDRF) announced on May 4, 2022, that its request for a Management Cease Trade Order was denied by the Ontario Securities Commission due to insufficient market activity in Canada. The company had anticipated delays in filing its financial statements for the year ended December 31, 2021, originally due by May 2, 2022, mainly impacted by the COVID pandemic and license confirmations in Botswana. Tsodilo plans to complete and file these statements by May 31, 2022, and will provide bi-weekly updates until then.

Positive

• Company not subject to insolvency proceedings.
• No significant defaults anticipated under National Policy 12-203.

Negative

• Request for Management Cease Trade Order denied.
• Delay in filing financial statements raises concerns for investors.

TORONTO, ON / ACCESSWIRE / May 4, 2022 / Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSX-V:TSD) (OTCQB:TSDRF) (FSE:TZO) announces that its request for a Management Cease Trade Order ("MCTO") was denied on May 4, 2022, by the Ontario Securities Commission ("OSC").

Pursuant to National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), the Company notified OSC on April 27, 2022, that it anticipated a delay in filing its financial statements for the year-ended December 31, 2021, and the related management's discussion and analysis ("MD&A") and certifications (the "Annual Filings") and requested that a MCTO be issued. The Annual Filings were due to be filed by May 2, 2022. The OSC determined that the Company was not entitled to the MCTO as the Company's shares did not meet NP 12-203, Section 6 (d) requirement with respect to having an "active, liquid market for its securities in Canada".

The Company will work with its auditors to complete the audit of the Company's consolidated financial statements and expects to file the Annual Filings by May 31, 2022. The delays were as the result of primarily the impacts of the COVID pandemic locally (Botswana) as well as receiving license confirmations from the Botswana Ministry of Mineral Resources, Green Technology and Energy Security, Department of Mines.

Until the Company completes the Annual Filings, the Company will comply with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, amongother things, requirethe Company to issue bi-weekly default statusreports by way of a news releaseso long as the AnnualFilings have not been filed.

The Company reports that: (i) there has not been any other specified default by the Company under NP 12-203, and no such default is anticipated; (ii) the Company is not subject to any insolvency proceedings; and (iii) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About Tsodilo Resources Limited

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond, metal deposits and industrial stone at its Bosoto (Pty) Limited ("Bosoto"), Gcwihaba Resources (Pty) Limited ("Gcwihaba") and Newdico (Pty) Ltd. ("Newdico) projects in Botswana. The Company has a 100% stake in Bosoto (Pty) Ltd. which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana and the PL216/2017 diamond prospection license also in the OKF. The Company has a 100% stake in its Gcwihaba project area consisting of five metal (base, precious, platinum group, and rare earth) prospecting licenses all located in the North-West district of Botswana. The Company has a 100% interest in its Newdico industrial stone project located in Botswana's Central District. Tsodilo manages the exploration of the Newdico, Gcwihaba, and Bosoto projects.

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

FOR FURTHER INFORMATION PLEASE CONTACT:

James M. Bruchs	Chairman and Chief Executive Officer	JBruchs@TsodiloResources.com
Head Office	Telephone +1 416 572 2033	Facsimile + 1 416 987 4369
Website	http://www.TsodiloResources.com

SOURCE: Tsodilo Resources Limited

View source version on accesswire.com:
https://www.accesswire.com/700218/Tsodilo-Resources-Limited-Announces-Delay-of-Filings

FAQ

What is the reason for Tsodilo Resources Limited's filing delay reported on May 4, 2022?

The delay is primarily due to the impacts of the COVID pandemic and license confirmations from the Botswana Ministry of Mineral Resources.

What was the outcome of Tsodilo Resources Limited's Management Cease Trade Order request?

The request was denied by the Ontario Securities Commission due to not meeting market activity requirements.

When does Tsodilo Resources Limited expect to file its annual financial statements?

The company expects to file the annual financial statements by May 31, 2022.

How will Tsodilo Resources Limited keep investors updated about the filing situation?

The company will issue bi-weekly default status reports until the annual filings are completed.

What does TSDRF stand for in the stock market?

TSDRF is the ticker symbol for Tsodilo Resources Limited on the OTCQB.