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Published in House and Home on Thursday, April 25th 2013 at 10:45 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
April 25, 2013 13:30 ET
Northland Provides its Second Default Status Update
LUXEMBURG, LUXEMBURG--(Marketwired - April 25, 2013) -Northland Resources S.A. (OSLO:NAUR)(FRANKFURT:NPK)(OMX:NAURo) (together with its subsidiaries, "Northland" or "the Company") provides its second bi-weekly Default Status Report under National Policy 12-203 - Cease Trade Orders for Continuous Defaults ("NP 12-203").
On March 28, 2013, the Company announced that the filing of its audited financial statements and associated management discussion and analysis (collectively, the "Annual Filings") for the fiscal year ended December 31, 2012, would not be completed by the filing deadline set by Canadian securities laws.
As a result of this delay in filing the Annual Filings and the application by the Company for a management cease trade order (a "MCTO"), the Ontario Securities Commission issued a MCTO, which imposes certain restrictions on the issuance and acquisition of securities of insiders and/or employees of the Company until the Company files the Annual Filings and related CEO and CFO certificates. The MCTO will not affect the ability of persons who are not insiders or employees of Northland to trade their securities.
Pursuant to the provisions of the alternative information guidelines specified by NP 12-203, the Company reports that, since the issuance of its default announcement on March 28, 2013, except as stated in this Default Status Report, there have not been any material changes to the information contained therein; nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines; and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings and related CEO and CFO certificates. Further, there is no additional material information respecting the Company and its affairs that has not been generally disclosed.
The Company expects to file the required Annual Filings and related CEO and CFO certificates on or before Tuesday, April 30, 2013. If this does not occur, the Company intends to file the third Default Status Report on or about May 9, 2013.
Karl-Axel Waplan, President & CEO, Northland Resources S.A.
Northland is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company produces high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company will exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company is also preparing a Definitive Feasibility Study ("DFS") for its Hannukainen Iron Oxide Copper Gold ("IOCG") project in Kolari, northern Finland and for the Pellivuoma deposit, which is located 15 km from the Kaunisvaara processing plant.
Forward-Looking Information
This announcement may include "forward-looking" information within the meaning of applicable securities laws. This forward-looking information can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative, or other variations or comparable terminology. This forward-looking information includes all matters that are expectations concerning, among other things, Northland's ability to meet its continuous disclosure and MCTO obligations, the likelihood of Northland rectify its default under Canadian Securities laws, Northland's results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward-looking information involves risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking information is not a guarantee of future performance and that Northland's actual results of operations, financial condition and liquidity, and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, even if Northland's results of operations, financial condition and liquidity, and the development of the industry in which Northland operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
