Pacific Coal Resources Ltd. (TSXV: PAK) announced today that it has filed a Material Change Report in respect of the Company’s default in filing annual financial statements, management’s discussion and analysis, and certifications for the period ending December 31, 2014 which were due to be filed on April 30, 2015 as required under National Instrument 51-102 Continuous Disclosure Obligations (the “Annual Financial Statements“). In connection with the Company’s inability to file the Annual Financial Statements on time, the Canadian securities regulators may issue a cease trade order. The Company has applied to applicable Canadian securities regulators requesting that if a cease trade order is issued, it be a management cease trade order (which restrains trading in the Company’s securities by certain Company insiders) as opposed to an issuer cease trade order (which restricts all trading in the Company’s securities).
Due to a delay by the Company to commence the audit procedures of its Annual Financial Statements, additional time is required to complete the filing. The Company is working diligently with its auditors to file the Annual Financial Statements in an expedient manner. The Company currently expects to file the Annual Financial Statements within a relatively short time period but no later then two months, during which time the Company will provide bi-weekly default status reports in accordance with Section 4.4. of National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults.