Pacific Coal Resources Ltd. (TSXV: PAK) the Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia, provided an update last week on the cease trade order issued with respect to a default in filing its 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 have issued 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). The company filed the annual financial statements on June 15, 2015.
Further, the company continues to be in default in filing its interim financial statements, management’s discussions and analysis and certifications for the three-month period ending March 31, 2015 which were due to be filed on June 1, 2015 (the “Q1 2015 Financial Statements”) as a result of the annual financial statements not having been filed.
The company continues to be under a management cease trade order as a result of the default in filing the Q1 2015 financial statements. It is anticipated that the company will file its Q1 2015 financial statements on or about June 30, 2015, during which time the company will continue to provide bi-weekly default status reports in accordance with Section 4.4. of (Canada) National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults.