Africa-focused Asante Gold has applied for, and received, a management cease trade order from the British Columbia Securities Commission, which gives the company until June 30 to file its financial year-end statements.
The cease trade order prohibits the CEO and CFO of Asante to trade in securities of the company as long as the annual filings are not filed, but trading in shares by other people is allowed.
Asante explained that it could not meet the May 1 deadline for its annual filings, owing to the complexity associated with consolidating the Chirano gold mine acquisition, completed in August last year.
Asante bought Chirano, in Ghana, from Kinross Gold for $225-million in cash and shares.