Silk Road Clarifies Application For Management Cease Trade Order

February 2, 2023, Silk Road Energy Inc. (TSXV: SLK) (Record Gold) announces 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”). This announcement is a clarification to the previous news release issued by the Company on Jan 30th, 2023. 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 audited financial statements for the year-ended September 30, 2022, the related management’s discussion and analysis and related CEO and CFO certificates, which were due to be filed by January 30, 2023. Due to the result of ongoing complications in coordinating with the Company‚Äôs auditors and the collection of the required data and documentation to complete the review of the Company, the Company requires additional time to complete and submit the required filings. The Company anticipates that, subject to current conditions remaining unchanged, to file the required filings on February 6, 2023, but in any event no later than February 10, 2023 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 is not currently subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Interim Filings, the Company confirms that it will also file material change reports on SEDAR containing such information.

The Company’s additional regulators to whom the MCTO application was made are: The British Columbia Securities Commission, and the Ontario Securities Commission.