Rocmec Announces Delay in Filing Annual Financial Statements
Vaudreuil-Dorion (Quebec), January 24, 2013 – Rocmec Mining Inc. (the “Corporation” or “Rocmec”) (TSX-V Symbol: RMI), announced today that it will not be able to file its annual financial statements, accompanying management’s discussion and analysis and related CEO and CFO certifications for the financial year ended September 30, 2012 (collectively, the “2012 Annual Financial Statements”), within the period prescribed for the filing of such documents under Parts 4 and 5 of Regulation 51-102 respecting Continuous Disclosure Obligations and pursuant to Regulation 52-109 respecting Certification of Disclosure in Issuers’ Annual and Interim Filings, namely within 120 days of year-end, being January 28, 2013.
Despite its efforts, the Corporation is currently not in a position to timely file the 2012 Annual Financial Statements, primarily as a result of the time and costs required for auditors in Peru to complete the audit of the annual financial statements, such audit being required due to the mining operations conducted by Rocmec during the financial year ended September 30, 2012 on the Rey Salomon property located in Peru.
Rocmec has made an application to the Autorité des marches financiers (the “AMF”) for a management cease trade order (the “MCTO”), which would restrict all trading in securities of the Corporation, whether direct or indirect, by management of the Corporation. The MCTO would not affect the ability of shareholders who are not insiders of the Corporation to trade their securities. There is no certainty that the MCTO will be granted. If the MCTO is not issued by the AMF, the applicable Canadian securities regulatory authorities could issue a general cease trade order against the Corporation for failure to file the 2012 Annual Financial Statements within the prescribed time period.
Rocmec's board of directors and its management are working expeditiously to meet Rocmec’s obligations relating to the filing of the 2012 Annual Financial Statements. The Corporation expects to file the 2012 Annual Financial Statements on or about February 25, 2013.
The Corporation confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 4.3 and 4.4 of Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default as a result of the late filing of the 2012 Annual Financial Statements. During the period of default, Rocmec will issue bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Corporation confirms that there are no insolvency proceedings against it as of the date of this press release. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date of this press release.
Rocmec is active in the exploration and the development of gold resources in Quebec and Peru. The Corporation holds a gold property with resources recognised in accordance with NI43-101, a modular treatment plant and also an exclusive license for the thermal fragmentation mining method for exploiting narrow-vein ore deposits.
The company’s growth strategy is based on:
• The development of its gold deposits with the objective of producing revenue from its operations;
• Increasing the value of its mining assets by prioritizing the exploration targets; and
• The commercialisation and employment of its thermal fragmentation technology.
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Neither 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.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Rocmec’s disclosure documents on the SEDAR website at www.sedar.com. Rocmec does not undertake to update any forward looking information except in accordance with applicable securities laws.
Corporation Minière ROCMEC Mining Inc. 162 Saint-Charles Avenue, Vaudreuil-Dorion (Quebec) J7V 2L1
Tel: (450) 510-4442 Fax: (450) 510-9901 www.rocmec.com