Permex Petroleum Corporation is providing an update with respect to the management cease trade order ("MCTO") issued by the British Columbia Securities Commission (the "BCSC") on January 30, 2024, as previously announced by the Company in a news release dated January 31, 2024. The MCTO was issued by the BCSC in connection with the delay by the Company in filing its audited annual financial statements and accompanying management's discussion and analysis, with related CEO and CFO certificates for the financial year ended September 30, 2023 (collectively, the "Annual Filings").
The completion of such Annual Filings was delayed due to a lack of funds, which prevented the Company from being able to engage its auditor. The Company is in the process of engaging its auditor.
The Company is providing this status update in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms, as of the date of this news release, that there has been no material change in the information contained in the default announcement issued January 31, 2024, and there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company anticipates filing the Annual Filings and remedying its default on or before March 29, 2024.
