Rocmec Announces Grant of Management Cease Trade Order
Vaudreuil-Dorion (Quebec), January 30, 2013 – Rocmec Mining Inc. (the “Corporation” or “Rocmec”) (TSX-V Symbol: RMI), announced today that it has been granted a management cease trade order (the “MCTO”) by its principal regulator, the Autorité des marchés financiers (the “AMF”), and as such, the AMF has accepted the Corporation’s request for such MCTO. As previously announced on January 24, 2013 by way of press release, the application for the MCTO was made by the Corporation in respect to the late filing of the Corporation’s 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”), which were to be filed at the latest on January 28, 2013.
The MCTO restricts all trading in securities of the Corporation, whether direct or indirect, by the Chief Executive Officer, the Chief Financial Officer and the directors of the Corporation until such time as the 2012 Annual Financial Statements have been filed by the Corporation. The MCTO does not affect the ability of shareholders who are not insiders of the Corporation to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Corporation affecting all of the securities of the Corporation.
As previously announced, the Corporation was 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's board of directors and its management confirm that they are working expeditiously to meet Rocmec’s obligations relating to the filing of the 2012 Annual Financial Statements and the Corporation continues to expect to file the 2012 Annual Financial Statements on or about February 25, 2013.
The Corporation confirms that it will satisfy the provisions of the alternative information guidelines under 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