Wilton Resources Inc. Announces Postponement of Filing of Q1 Financial Statements and MD&A to June 12, 2020 and Postponement of Executive Compensation Disclosure
Calgary, Alberta--(Newsfile Corp. - May 19, 2020) - Wilton Resources Inc. (TSXV: WIL) (the "Corporation") announces that filing of the Corporation's interim financial statements for the three month period ended March 31, 2020 ("Q1 Financial Statements") and associated management's discussion and analysis ("Q1 MD&A", and collectively with the Q1 Financial Statements, the "Q1 Filings") will be postponed due to delays caused by the COVID-19 pandemic.
Although the Q1 Filings would ordinarily have been filed on or before May 30, 2020, pursuant to ASC Blanket Order 51-517 - Temporary Exemption from Certain Corporate Finance Requirements ("Blanket Order 51-517"), the Corporation has up to an additional 45 days from the deadline otherwise applicable under Alberta securities laws to file the Q1 Filings, provided that it complies with certain requirements set out in Blanket Order 51-517. Accordingly, The Corporation is relying on the relief contained in Blanket Order 51-517 for its Q1 Financial Statements required by section 4.4 of National Instrument 51-102 and its Q1 MD&A required by subsection 5.1(2) of National Instrument 51-102.
The Corporation estimates that the Q1 Filings will be filed no later than June 12, 2020.
During the extension period, until the Corporation has filed and announced the required Q1 Filings, management and other insiders of the Corporation will be subject to an insider trading black-out policy that reflects the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Except as set out below, there have been no material business developments since the date of the Corporation's annual financial statements for the year ended December 31, 2019, which were filed on April 27, 2020.
Since December 31, 2019, the outbreak of the novel strain of coronavirus, specifically identified as "COVID-19", has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to business globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Corporation in future periods. The extent to which the coronavirus impacts the Company's results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and actions taken to contain the coronavirus or its impact, among others.
Executive Compensation Disclosure
The Corporation announces further that the Corporation's executive compensation disclosure requirement under National Instrument 51-102 will be postponed due to delays caused by the COVID-19 pandemic.
Although the Corporation would ordinarily have filed the executive compensation disclosure required under section 9.3.1(1) of National Instrument 51-102 (the "executive compensation disclosure") on or before May 19, 2020, pursuant to ASC Blanket Order 51-518 - Temporary Exemption from Certain Requirements to File and Send Securityholder Materials ("Blanket Order 51-518"), the Corporation has up to December 31, 2020 to (i) send to its securityholders, and file, its next AGM information circular containing the executive compensation disclosure, or (ii) file the executive compensation disclosure separately. Accordingly, The Corporation is relying on the relief contained in Blanket Order 51-518 for its executive compensation disclosure.
For more information concerning the Corporation, please refer to the Corporation's profile on the SEDAR website at www.sedar.com.
Certain statements contained herein constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements regarding the proposed timing of the filing of the Q1 Filings, the executive compensation disclosure and the effects of the COVID-19 pandemic on the economy, public markets and the Corporation's business and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.
Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the effects of the COVID-19 pandemic on the economy, the public markets and the Corporation's business and on the ability of the Corporation to prepare and approve the Q1 Filings and the executive compensation disclosure in a timely manner, and other such business risks as discussed herein. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include, among others, the ability of the Corporation to prepare the Q1 Filings and the executive compensation disclosure and have them approved by the board in a timely manner. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.
The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
For more information, please contact:
Wilton Resources Inc.
Chief Executive Officer and President
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