WestKam Gold Corp Faces Delay in Q2 Financial Reporting
Understand WestKam Gold Corp's Recent Filing Delay
In a recent announcement, WestKam Gold Corp. (TSXV: WKG), a Canadian junior gold exploration company based in Vancouver, reported that it was unable to file its interim financial statements and accompanying documentation by the June 30 deadline. The delay is attributed to the unforeseen medical leave of the company's Chief Financial Officer, Pam Saulnier. WestKam is actively seeking new accounting personnel and an interim CFO to expedite the process of completing and filing the required documents.
What Are Interim Filings?
Interim filings consist of a company’s financial statements, management’s discussion and analysis, and officer certifications for a specific period, in this case, the six months ended April 30. These filings are essential for maintaining transparency and compliance with Canadian securities laws.
The Consequences of Missing the Deadline
Due to the delay, WestKam Gold Corp. applied for and received a management cease trade order (MCTO) from the British Columbia Securities Commission under National Policy 12-203. This order prevents certain insiders, including the CEO and Interim CFO, from trading company securities until the filings are completed. However, this does not affect public trading of the company's shares, which allows investors to continue buying and selling common shares freely.
Next Steps for WestKam
In line with guidelines from the MCTO, WestKam will provide bi-weekly updates through news releases to inform stakeholders of its progress towards finalizing the interim filings. The company’s leadership is optimistic that the necessary documents will be filed on SEDAR+ before the end of August.
About WestKam Gold Corp
WestKam Gold Corp. is dedicated to exploring and developing promising gold projects across Western North America. The company remains committed to adhering to compliance regulations and fulfilling its responsibilities to shareholders.
Contact Details
WestKam Gold Corp. invites inquiries through their Investor Relations team at 250.216.5671 or via email at westkam007@gmail.com. Their office is located at Suite 900, 570 Granville Street, Vancouver, BC V6C 3P1.
Frequently Asked Questions
What caused the delay in WestKam's filings?
The delay was due to the Chief Financial Officer going on medical leave, which hindered the preparation of the interim financial statements.
What is a management cease trade order (MCTO)?
An MCTO is a regulatory order that restricts certain insiders from trading a company's securities while it is out of compliance with filing requirements.
Will the public be able to trade shares of WestKam during this period?
Yes, the general investing public can continue to trade the company’s listed common shares despite the MCTO.
When does WestKam expect to file the interim financial statements?
WestKam anticipates completing and filing the interim financial statements on SEDAR+ before the end of August.
How can shareholders stay informed about the filing progress?
WestKam will release bi-weekly default status reports as required by NP 12-203 to keep shareholders informed of their progress.
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