Agoracom: Small Cap Investment - Maxim Resources Inc. - Announces Late Filing of Annual Financial Results

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Announces Late Filing of Annual Financial Results

posted on Apr 24, 2009 05:39AM

April 24, 2009

Maxim Announces Late Filing of Annual Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2009) - Maxim Resources Inc. (TSX VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:... has made application to the British Columbia Securities Commission in connection with the filing of its annual financial statements, management's discussion and analysis and related CEO/CFO Certifications for the year ended December 31, 2008 to delay the filing beyond the April 30, 2009 deadline. As of this date, the Company anticipates that additional time is required to receive technical data for a NI 51-101 Engineering Report on its oil and gas resource assets currently being prepared by AJM Petroleum Consultants of Calgary, Alberta.

This announcement is made under Section 4.3 of National Policy 12-203, which replaces previous policies under which provincial securities commissions could grant extensions to filing deadlines. The Company has made application to the British Columbia Securities Commission that a Management Cease Trade Order be made against trading in the Company's securities, rather than a general Cease Trade Order.

Maxim plans to make the required filings and cure the default as soon as it is able to do so. The Company also plans to satisfy the provisions of the alternate information guidelines of Section 4.4 of National Policy 12-203, Cease Trade Orders for Continuous Disclosure Defaults, as long as it is in default of the filing requirements. These provisions require Maxim to file bi-weekly status reports in the form of news releases, containing any material changes to the information in this release; all actions taken by the Company to remedy the default; particulars of any failure by Maxim to fulfill these provisions; any subsequent defaults of Maxim requiring a default announcement; and any other material information concerning the affairs of Maxim not previously disclosed. Maxim intends to issue the first default status report on May 8, 2009.

On behalf of the Board

Arthur Brown, CEO

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