Western Resources Corp.: Bi-weekly Update on Management Cease Trade Order
Vancouver, BC, February 10, 2025 – Western Resources Corp. (WRX), a leading exploration and development company, is providing an update on the status of the Management Cease Trade Order (MCTO) issued by its principal regulator, the British Columbia Securities Commission (BCSC), on January 2, 2025, under National Policy 12-203 – Management Cease Trade Orders (NP 12-203).
Background
The MCTO was issued due to Western Resources’ inability to file its annual audited financial statements, management’s discussion and analysis, and CEO and CFO certifications for the fiscal year ended October 31, 2024. The Company is working diligently to complete the required filings as soon as possible.
Current Status
The Company has made significant progress in preparing the financial statements and related documents. The audit committee and the external auditor are working closely to finalize the audit. Management is confident that the annual filings will be completed and filed with the regulatory authorities in the near future.
Impact on Western Resources
The MCTO has resulted in a trading halt on the Toronto Stock Exchange (TSX) for Western Resources’ shares. This means that no trading in the Company’s securities is permitted until the MCTO is revoked. The Company understands the inconvenience and frustration this may cause for its shareholders, and it is committed to resolving the issue as quickly as possible.
Impact on Investors
The MCTO may impact investors in several ways:
- Trading Restriction: As mentioned above, the trading halt on the TSX restricts investors from buying or selling Western Resources’ shares.
- Uncertainty: The delay in filing the annual financial statements may create uncertainty and volatility in the Company’s stock price.
- Risk: The MCTO may increase the perceived risk of investing in Western Resources until the financial statements are filed and audited.
Impact on the World
The impact of the MCTO on the world at large is minimal. It primarily affects Western Resources and its shareholders. However, it serves as a reminder of the importance of timely and accurate financial reporting for publicly traded companies.
Conclusion
Western Resources is making progress in completing the required financial filings and is committed to resolving the MCTO as soon as possible. The Company understands the impact this has on its shareholders and is working diligently to address the situation. In the meantime, the trading halt on the TSX restricts buying and selling of Western Resources’ shares. The MCTO also creates uncertainty and volatility in the Company’s stock price and may increase the perceived risk of investing in Western Resources. It is a reminder of the importance of timely and accurate financial reporting for publicly traded companies.
For more information, please contact:
Western Resources Corp.
Investor Relations
Phone: (604) 681-4202
Email: [email protected]
