ENP Newswire - 30 June 2014
Release date- 27062014 - Amanta Resources Ltd. (TSX Venture Exchange: AMH) announces that it has applied for a voluntary management cease trade order in accordance with National Policy 12-203 due to it not being able to file its annual financial statements and MD&A on SEDAR within 120 days of its financial year-end.
Pursuant to National Instrument 51-102, the Company is required to file its annual financial statements and MD&A on SEDAR within 120 days of its year end The Company has a mineral resource project located in Laos, which is held through its wholly-owned subsidiary, Amanta Lao Co. Ltd. ('Amanta Laos'). Amanta Laos maintains an administrative office in Vientiane, Laos however staffing is currently minimal due to the lack of available financing.
Amanta Laos holds mining licenses in respect of mineral exploration properties in Laos which are the subject of a joint venture with Japan Oil, Gas and Metals National Corporation ('JOGMEC'). The Company is active in seeking financing as well as potential alternative transactions for its properties.
The Company's financial statements are presented on a consolidated basis with Amanta Laos. The audit functions for Amanta Laos are conducted by an accounting firm based in Thailand under the direction the Company's Canadian based auditors.
Until recently, Amanta Laos employed an administrative staff member in Vientiane, Laos who typically coordinated with the Thai accountant in regards to the preparation of financial statements of Amanta Laos. This administrative staff member passed away unexpectedly on April 16, 2014.
The Company has allocated alternative staff to the audit of Amanta Laos, however is experiencing unexpected delays in coordinating the preparation, review and audit of the financial statements of Amanta Laos due to the change in staff. As a result, the Company will not be in a position to complete the audit in the time required by National Instrument 51-102, and requires additional time to complete the financial statements and audit of Amanta Laos.
Amanta confirms that it will comply with the provisions of the alternative information guidelines of National Policy 12-203 until the revocation of the management cease trade order. Amanta is not subject to any insolvency proceedings.
Amanta Resources Ltd. is focused on mineral exploration and development in Laos and remains the only Canadian company to be granted a minerals' concession in the Lao PDR. The Company has been developing the Luang Namtha project under a Joint Development Agreement with JOGMEC. Amanta is also pursuing additional exploration activities in Laos.