Marksmen Energy's Financial Update
CALGARY, ALBERTA — Marksmen Energy Inc. (TSX-V: MAH) is reaching out today to provide important updates regarding the current status of its financial filings. The company has been proactive in addressing delays in its annual financial statements and is collaborating closely with its auditing firm, MNP LLP, to ensure compliance with regulatory requirements.
Annual Financial Statements Filing Schedule
Due to unforeseen circumstances, Marksmen Energy encountered delays in finalizing its annual financial statements for the financial year that concluded on December 31, 2024. The company is dedicated to its obligations and is working hard toward submitting these documents promptly. Officials expect to file all necessary materials by June 15, 2025, ensuring the protection of investor interests.
Impact of the Delay
Consequently, this delay has also affected the company's interim financial statements for Q1, covering the period ending March 31, 2025. These statements, including management’s discussion and analysis, were not submitted by the expected deadline of May 30, 2025. Marksmen anticipates filing the Q1 statements by June 30, 2025, demonstrating their commitment to restoring normal operations.
Management Cease Trade Order (MCTO)
In light of these delays, Marksmen Energy has received a Management Cease Trade Order (MCTO) from the Alberta Securities Commission (ASC). This order restricts trading in the company’s securities by its CEO and CFO until the overdue filings are submitted. However, other individuals are still permitted to trade, ensuring ongoing market transactions remain feasible for shareholders.
Transparency and Communication
Marksmen recognizes the importance of keeping stakeholders informed. To uphold transparency, the company will issue biweekly updates through news releases as required under National Policy 12-203. These updates will continue until both the annual and quarterly filings are complete, providing stakeholders with insight into the company’s compliance progress and operational stability.
Future Compliance and Continuing Operations
Marksmen Energy emphasizes its intention to meet all alternative information guidelines established under NP 12-203. Staying in compliance is crucial for maintaining investor trust and securing the long-term operational health of the company. By communicating openly with stakeholders about these filing challenges and mitigative actions, Marksmen hopes to strengthen investor confidence.
Contact Information
For those seeking further information about the company’s financial status and ongoing updates, please reach out to Archie Nesbitt, Director and CEO, at (403) 265-7270. For email inquiries, correspondence can be sent to ajnesbitt@marksmenenergy.com.
Frequently Asked Questions
What is Marksmen Energy's current financial filing status?
Marksmen Energy is currently working to file its annual financial statements by June 15, 2025, and expects to complete its Q1 filings by June 30, 2025.
What caused the delay in filing the financial statements?
The company has faced unforeseen circumstances that have contributed to the delays in finalizing their annual and interim financial statements.
What is a Management Cease Trade Order (MCTO)?
An MCTO restricts the trading of a company's securities by specific executives until required financial filings are submitted.
How will Marksmen Energy communicate updates to shareholders?
Marksmen Energy plans to issue biweekly default status reports as part of their commitment to transparent communication regarding the filing progress.
Who can be contacted for additional information on Marksmen Energy?
For further queries, stakeholders can contact the Director and CEO, Archie Nesbitt, via phone or by email at ajnesbitt@marksmenenergy.com.
