Western Magnesium Announces Delay in Filing of Interim Financial Statements due to COVID-19 Related Delays
NEW YORK, NY - TheNewswire - June 30, 2020 - Western Magnesium Corporation (TSXV:WMG) (Frankfurt-M1V) (OTC:MLYF) ("Western Magnesium" or the "Company") announces that pursuant to the blanket relief granted by the securities regulatory authority or regulator in each province and territory of Canada, as a result of the COVID-19 pandemic, Western Magnesium is postponing the filing and delivery, as applicable, of the following continuous disclosure documents of the Company (the "Interim Filings"):
- The interim financial statements for the 6-month period ended April 30, 2020, as required by Part 4 of National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102");
- The interim management discussion and analysis for the 6-month period ended April 30, 2020, as required by Part 5 of NI 51-102; and
- The certifications of the interim financial statements for the 6-month period ended April 30, 2020 as required by section 4.1 of National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.
The Company expects to file and deliver, as applicable, the Interim Filings on or about August 15, 2020, as it is afforded a postponement of up to 45-days pursuant to the blanket relief granted to all market participants under applicable securities law.
As required by BC Instrument 51-515, Company's management and other insiders will be subject to a trading black-out period that reflects the principles in Section 9 of National Policy 11-207, until the Required Interim Filings are filed on SEDAR. The Company confirms that there is no material information that has not been disclosed by timely press releases.
About Western Magnesium
Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight. Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and energy costs relative to current methods and processes, while being environmentally friendly.
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors, including the Company's dolomite reserves may not be mined because of technical, regulatory, financing or other obstacles, the market price for magnesium may make our resources uneconomic and we may not be able hire and retain skilled employees. The Company undertakes no obligation to update forward-looking information except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
For additional information please visit our website at www.westmagcorp.com
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