January 30, 2023, Silk Road Energy Inc. (TSXV: SLK) (Record Gold) announces today that it has made an application to the Alberta Securities Commission, as principal regulator, and its additional regulators, to approve a temporary management cease trade order (“MCTO”) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). If granted, the MCTO will prohibit the trading in securities of the Company by its Chief Executive Officer, Chief Financial Officer and certain other insiders of the Company, so long as the required filings remain outstanding. The issuance of an MCTO will generally not affect the ability of persons who are not or have not been management of the Company to trade in its securities.
The required filings include the year-end financials, the related management’s discussion and analysis and related CEO and CFO certificates, which are due to be filed by January 30 2023. Due to the ongoing audit, the Company requires additional time to complete and submit the required filings. The Company anticipates that, subject to current conditions remaining unchanged, it will require approximately seven additional days to submit the required filings, and will use its best efforts to complete the process within this timeframe.
The Company confirms that it will satisfy the provisions of the alternative information guidelines set out under Sections 9 and 10 of NP 12-203 for so long as it remains in default of the above-noted filing requirements. The Company further confirms that there is no other material information relating to its affairs that has not been generally disclosed. Other than as disclosed herein, the Company is up to date in its filing obligations.
The Company’s additional regulators to whom the MCTO application was made are: The British Columbia Securities Commission, and the Ontario Securities Commission.