Welcome To The Mart Resources Inc HUB On AGORACOM
An independent oil & gas company focussing on bringing African oil fields into production that are proven but have not yet been developed.
Message: Unable to File Its 2008 Audited Financial Statements by April 30, 2009
| April 30, 2009 |
| Mart Unable to File Its 2008 Audited Financial Statements by April 30, 2009 |
| CALGARY, ALBERTA--(Marketwire - April 30, 2009) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Corporation") announces that it has determined that it will not be able to file its annual financial statements, management's discussion and analysis and CEO and CFO certificates (collectively, the "2008 Annual Financial Statements") by the filing deadline of April 30, 2009 as prescribed by National Instrument 51-102 - Continuous Disclosure Obligations. The Corporation's inability to file its annual financial statements is due to the inability of the Corporation to secure certain critical financial information from third parties located in Nigeria. The Corporation is currently working to secure the required financial information from the third parties at the earliest possible date and anticipates filing its 2008 Annual Financial Statements no later than June 30, 2009. Until Mart completes the filing of the 2008 Annual Financial Statements, Mart will comply with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require Mart to issue bi-weekly default status reports by way of a news release so long as the 2008 Annual Financial Statements have not been filed. In addition, Mart has made an application to the applicable regulatory authorities for a management cease trade order ("MCTO"). The application and this press release has been authorized by the Chief Executive Officer and approved by Mart's audit committee. There is no certainty that such order will be granted. If a MCTO is granted, the general investing public will still be available to trade Mart shares, however, the Corporation's Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade Mart shares. If a MCTO is not granted, the applicable regulatory authorities may issue a cease trade order against Mart for failure to file the 2008 Annual Financial Statements within the prescribed time period. Resignation of Director The Corporation also announces that Michael J. Perkins has resigned as a director of the Corporation effective April 29, 2009. The Corporation wishes to thank Mr. Perkins for his contribution to the Corporation over the past year. About Mart Resources: Mart Resources Inc. is an independent, international petroleum company focused on drilling, developing and producing oil and gas from low-risk proven petroleum properties in Africa. The Company owns two drilling rigs, has strong local relationships and has formed joint venture partnerships with indigenous operators in Nigeria. Mart has acquired interests in and begun development of three onshore Nigerian oil fields. |
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