Artha Resources Corp. (TSXV:AHC) announces that a Management Cease Trade Order was issued by the British Columbia Securities Commission and the Alberta Securities Commission against the Corporation's Chief Executive Officer, President and Chief Financial Officer on May1, 2014, as opposed to a general cease trade order against the Corporation. The MCTO prohibits trading in securities of the Corporation, either directly or indirectly, by these individuals.
As summarized in Artha's News Release dated April 11, 2014 (the "Default Notice") this action was expected due to the fact that the Corporation was unable to file its annual financial statements, management discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for its fiscal year-ended December 31, 2013 (the "Required Filings) before the April 30, 2014 filing deadline (the "Filing Deadline").
Artha will not be in a position to file its financial statements within the required time due to lack of funds, which has resulted in the Company not being able to engage the auditors in a timely manner and be able to complete the audit by April 30, 2014. The Corporation anticipates that it will be in a position to remedy the default and file the Required Filings on or before June 30, 2014.
Pursuant to the requirements of Section 4.4 of National Policy 12-203 - Alternative Information Guidelines the Corporation reports the following:
- There have been no material changes to the information contained in the Default Notice and the Corporation expects to file the Required Filings on or before June 30th 2014;
- There have been no failures with respect to the Corporation fulfilling its stated intention of satisfying the requirements of filing the Required Filings.
- There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Notice; and
- There is no other material information about the affairs of the Corporation that has not otherwise been reported.
On Behalf of the Board of Directors,
"Todd McMurray"
President
Artha Resources Corporation
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 press release.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of the British Columbia Securities Act relating to the Company's expectations, intentions, plans and beliefs. Forward-looking statements include statements regarding the Company's. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different from any future result expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, risks inherent in mineral exploration and development including environmental hazards, unusual or unexpected geological formations; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; uncertain political and economic environments; changes in laws or policies; completion for capital and skilled workers; and changes in commodity prices and exchange rates. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.