New Island Resources Inc. Announces Default of Filing Requirements
October 05 2010 - 2:12PM
Marketwired
New Island Resources Inc. ("New Island") (TSX VENTURE: NIS) reports
that the Company has determined that it will not be able to meet
the deadline of October 28, 2010 for the filing of its annual
audited financial statements for the year ended June 30, 2010
together with the related financial disclosure documents as
required in accordance with Parts 4 and 5 of National Instrument
51-102 and with National Instrument 52-109.
New Island announced on August 30, 2010 that it had entered into
an agreement with Anaconda Mining Inc. ("Anaconda") on a friendly
transaction to be structured as a Plan of Arrangement for the
acquisition of New Island's interest in the Pine Cove Mine and
Mill.
The disposition of New Island's interest in the Pine Cove Mine
and Mill is a material transaction that would have a significant
impact on the financial disclosures of the Company. Due to ongoing
negotiations with Anaconda in relation to the proposed Plan of
Arrangement and the scheduling of a special shareholders meeting
for approval of the transaction, it has been determined that full
and accurate financial disclosure for the year ended June 30, 2010
cannot be achieved until the Plan of Arrangement is finalized and
the result of the shareholder vote has been determined.
The audit for the year ended June 30, 2010 has been partially
completed being temporarily halted pending the outcome of the
special shareholders meeting currently scheduled for October 29,
2010 after which, final preparation of the financial statements
will begin and the audit will resume. The Company anticipates the
filing default to be rectified within 60 days following the special
meeting of shareholders held to consider the Plan of
Arrangement.
New Island intends to satisfy the provisions of the alternative
information guidelines in accordance with section 4.4 of National
Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults
(NP 12-203) by the issuance of bi-weekly default status reports for
the duration of default period.
New Island has made application to the Alberta Securities
Commission as principal regulator, for a Management Cease Trade
Order (MCTO) as an alternative to a general Cease Trade Order (CTO)
in accordance with NP 12-203.
About New Island Resources Inc.
New Island is a diversified junior exploration company holding
gold and base metal properties in the Province of Newfoundland and
Labrador. New Island has entered into agreements for the sale of
its interest in the gold mine and mill project at Pine Cove in
central Newfoundland and for the sale of the Glover Island
exploration property in western Newfoundland. Additional
information concerning these sales and New Island may be obtained
on New Island's website at: www.newislandresources.com or from the
System for Electronic Document Analysis and Retrieval (SEDAR)
website at: www.sedar.com under New Island's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
Harold Wareham, President and CEO
Statements contained in this release that are not historical
facts are forward-looking statements, which involve known and
unknown risks and uncertainties not under the company's control,
which may cause actual results, performance or achievements of the
company to be materially different from the results, performance or
expectations implied by these forward-looking statements.
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release"
Contacts: New Island Resources Inc. Harold Wareham President
(709) 576-7711 info@newislandressources.com
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