South African BEE platinum miner Atlatsa Resources announced last week that it was not in a position to file its unaudited interim financial statements and related disclosures for the three and six months ended June 30, 2015.
This is due to the uncertainties surrounding its operations, financial condition and the state of commodity markets, the company said on Friday.
Atlatsa says that it remains in discussions with Anglo American Platinum surrounding the future sustainability of the Bokoni mine as well as potential alternative financial support for the company, having regard to current challenges within the South African platinum industry.
Significant doubt however remains regarding Atlatsa’s ability to continue as a going concern. The company said that no assurances can be given that the issues being faced will be resolved.
Meanwhile, the British Columbia Securities Commission, as principal regulator for Atlatsa, has approved an application under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults – requesting that a management cease trade order be imposed in respect of this late filing rather than an issuer cease trade order.
Atlatsa advises that the issuance of a management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the company to trade in their securities.
The British Columbia Securities Commission has, in turn, issued the management cease trade order on August 17, 2015. This will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements to file its Financial Statements and MD&A within the prescribed period of time.
Atlatsa confirms that there has been no failures with respect to the company fulfilling its stated intention of satisfying the requirements of the alternative information guidelines and further confirms that there is no other material information relating to the status of the default and its affairs that has not been generally disclosed.