March 1, 2021 – TheNewswire - Saskatoon, Saskatchewan – Gary Billingsley, President, Aurex Energy Corp. (“AURX” or the “Company”) - (TSXV:AURX) provides the following corporate update:
Cease Trade Order and Application for Reinstatement of Trading
As disclosed in a news release dated August 11, 2020, a Cease Trade Order (“CTO”) was issued by the Alberta Securities Commission (“ASC”) August 7, 2020, in conjunction with a suspension of trading in the Company’s shares by the TSX Venture Exchange (“TSXV”) as a result of the CTO. The CTO was issued as a result of the Company’s failure to file its annual audited financial statements, management’s discussion and analysis, and officers’ certificates for the year ended December 31, 2019 (the “Annual Filings”), and its interim financial statements, management’s discussion and analysis, and officers’ certificates for the period ended March 31, 2020 (the “Q1 Filings”), by the July 31, 2020 deadline granted under a Management Cease Trade Order (see news release dated July 31, 2020). These filings, along with the interim financial statements, management’s discussion and analysis, and officers’ certificates for the periods ended June 30, 2020 and September 30, 2020, were completed and filed December 30, 2020 and an application submitted to the ASC for revocation of the CTO. As a result of the initial review of the revocation application, additional continuous disclosure documents were requested by the ASC, mostly related to oil and gas disclosure, and these were filed on SEDAR February 11, 2021. The ASC advises that it is now completing their review of the application and will inform the Company of any further issues, if any. Concurrently with the ASC review, the Company has also made application to the TSX Venture Exchange for reinstatement of trading, pending revocation by the ASC of the CTO, and pending the results of the TSXV review of the reinstatement application. Further announcements will be made as review results for both appications are known.
Natural Gas Redevelopment Project-Texas, USA
For the same issues that resulted in delays in filing the Company’s Annual Filings as noted above, progress on the Company’s natural gas redevelopment project in the Barnett Shale, Texas, was also delayed in 2020. Cross-border regulatory issues, beyond Company control, affected the flow of funds, and this was further compounded by issues resulting from the COVID-19 pandemic. While some of these issues are ongoing, the major ones are largely resolved and the Company expects to make significant progress in advancing the project in 2021.
The Company reports that 100% of the Peter Lake Project, which was written off in the Company’s financial statements in 2018, was recently sold to a private, arm’s length third party for US$350,000.
The main focus of the Company’s mineral activities in 2021 will be on the 70%-owned Cook Gold-Copper Project in Nevada, USA.
About Aurex Energy Corp.
Aurex Energy Corp. is a Canadian-based resource exploration and development company with its head office in Saskatoon, SK. Aurex is focused on the acquisition and development of a diversified portfolio of resource properties critical to current and future energy production. This includes natural gas, base metals, and gold.
AUREX ENERGY CORP. TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL “AURX”
For further information:
Aurex Energy Corp.
To receive information by e-mail, visit www.aurexenergy.ca and click “Contact”.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this release and except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release may contain statements within the meaning of safe harbour provisions as defined under United States Securities Laws and Regulations. The above statements are based on the current expectations and beliefs of the management of Aurex Energy Corp. and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above.