Prospera Announces Late Filing of Annual Financial Disclosure
April 28 2023 - 2:00AM
Prospera Energy Inc. ("Prospera" or the "Corporation") (PEI: TSX-V;
OF6A: FRA; OTC: GXRFF) today announces that the filing of its
audited annual financial statements, management's discussion and
analysis and related CEO and CFO certifications for the financial
year ended December 31, 2022 (the "Required Filings"), will be
delayed beyond the filing deadline of May 1, 2023, and as a result
is in default of its obligations under Part 4 of National
Instrument 51-102 Continuous Disclosure Obligations. The delay in
the completion of the Required Filings is as a result of delays in
the audit process due to management and the Corporation’s external
consulting company, collectively, requiring additional technical
effort to substantiate the incremental reserves value in the
Corporation’s 2022 reserves report. As a result, the auditors now
require more time to complete their review of the 2022 reserves
report and confirm their partner review to support the audited
annual financial statements for the year ended December 31, 2022,
and have determined that they will not be able to complete the
audit in time to meet the filing deadline.
The Corporation has made an application to the
Alberta Securities Commission (the "ASC") for a management cease
trade order (the "MCTO"), which would restrict all trading in
securities of the Corporation, whether direct or indirect, by
management of the Corporation. The MCTO does not generally affect
the ability of shareholders who are not insiders of the Corporation
to trade their securities. There is no certainty that the MCTO will
be granted.
The Corporation is working expeditiously with
its auditor, Crowe MacKay LLP, to complete the audit as soon as
possible. Prospera plans to remedy the default and file the
Required Filings as soon as it is able to do so and expects such
filing to occur on or prior to May 31, 2023. The Corporation also
intends to satisfy the provisions of the alternate information
guidelines of Section 10 of National Policy 12-203 Management Cease
Trade Orders as long as it is in default of the filing
requirements.
The Corporation confirms that there are no
insolvency proceedings against it as of the date of this press
release. The Corporation also confirms that there is no other
material information concerning the affairs of the Corporation that
has not been generally disclosed as of the date of this press
release.
About Prospera
Prospera is a public oil and gas exploration,
exploitation and development company focusing on conventional oil
and gas reservoirs in Western Canada. Prospera will utilize
experience and knowledge to develop, acquire, and drill assets with
potential for primary and secondary recovery.
For more information, please
contact:
Shawn Mehler, PR Email:
shawn@prosperaenergy.comWebsite: www.prosperaenergy.com
Certain statements in this news release are
"forward-looking statements", which reflect management's
expectations regarding the issuance of the MCTO, timing of the
filing of the Required Filings and Prospera’s future business
operations. All statements other than statements of historical fact
contained in this news release are forward-looking statements. Such
forward-looking statements involve risks and uncertainties, as they
reflect management's current beliefs and are based on information
currently available to management. Actual results may differ
materially from those anticipated in the statements made. The
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. The forward-looking
statements are made as of the date of this news release and
Prospera assumes no obligation to update or revise them to reflect
new events or circumstances except as expressly required by
applicable securities law. Further information regarding the
uncertainties and risks can be found in the disclosure documents
filed by Prospera with the securities regulatory authorities,
available at www.sedar.com.
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 press release.
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