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Diamcor misses extended deadline to file financial statements, appeals for management cease trade order

14 september 2020
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                                           Image credit: Diamcor Mining



Diamcor Mining has missed the extended deadline to file its audited financial statements and corresponding management’s discussion and analysis for the year ended March 31, 2020.
The diamond junior recently said that due to the novel coronavirus pandemic it had determined to follow the British Columbia Securities Commission Blanket Order 51-517 and similar exemptions provided by the Alberta Securities Commission, which provides the company with an additional 45-day period to complete the Annual Filings. 
The Blanket order allows for temporary exemption from certain corporate finance requirements with deadlines during the period from June 2 to August 31. 
It then said that it was working with its auditors and expects to file the annual filings by September 14, 2020 and the interim filings prior to the extended 45-day deadline of October 13, 2020.
However, Diamcor said the September 14 deadline was difficult to meet due to the inability to complete the South African portion of the company’s annual audit in normal time frames as a result of ongoing travel and work restrictions.
It also blamed the failure on the Canadian auditors’ inability to complete their audit due to reliance on the finalisation of audit work in South Africa, and the requirement for Canadian auditors to obtain information from South Africa by alternative methods.
Some of the requested supporting documentation was not in the control or direction of the company and consequently Diamcor was unable to fulfill the auditor’s request prior to the filing deadline for the financial disclosure.
“The company anticipates that it will be in a position to file its financial disclosure before October 15, 2020,” it said.
Meanwhile, Diamcor said it had filed an application with the British Columbia Securities Commission and the Alberta Securities Commission requesting that they issue a management cease trade order against the company’s directors, officers and/or insiders instead of a cease trade order against the company and all of its security holders.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished