JOHANNESBURG (miningweekly.com) – Dual-listed Atlatsa Resources is unsure whether it will be able to finalise its financial statements and related disclosure for the three and six months ended June 20.
The company said in a statement on Friday that owing to the uncertainties surrounding its operations, financial condition and the state of commodity markets, it was not in a position to file its unaudited interim financial results.
It added that it remained in discussions with mining giant Anglo American Platinum concerning the future sustainability of its Bokoni mine, in Polokwane, as well as potential alternative financial support.
“Significant doubt remains regarding the company's ability to continue as a going concern. No assurances can be given that the issues being faced will be resolved,” Atlatsa said.
Further, British Columbia Securities Commission, as principal regulator, had 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.
The issuance of a management cease trade order generally did not affect the ability of persons who had not been directors, officers or insiders to trade in their securities, Atlatsa advised.
The management cease trade order was issued on August 17.
This would 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 Atlatsa remained in default of the filing requirements to file its financial statements within the prescribed period of time.
Atlatsa confirmed that there were no failures in fulfilling its stated intention of satisfying the requirements of the alternative information guidelines, adding that there was no other material information relating to the status of the default and its affairs that had not been generally disclosed.