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iMining Announces Delay in Filing of Annual Financial Statements and files Application for MCTO

Vancouver, British Columbia ––iMining Technologies Inc. (TSX-V: IMIN) (the “Company” or “iMining” announces that as a result of delays in the completion of its audit, the Company will be unable to file its financial statements and accompanying management’s discussion and analysis for the financial year ended May 31, 2021 (collectively, the “Annual Filings”) by September 28, 2021, being the date that such filings are due under applicable Canadian securities law requirements. The late filing is due in part, to the  treatment of the acquisition of CanETH Staking Services Inc. (see news release dated March 22, 2021) as a business combination requiring an independent business valuation, the preparation and audit review of which will result in a delayed filing.

In response to the reporting delay, the Company has applied to the British Columbia Securities Commission for a management cease trade order (the “MCTO”) which restricts management from trading in securities of the Company until the Annual Filings are filed.  The Company currently expects to file the Annual Filings on or before October 22, 2021 and will issue a press release announcing completion of these filings at such time.  Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Order.  The guidelines, among other things, require the Company to issue biweekly default status reports by way of a news release for as long as the Annual Filings have not been filed.  During the MCTO, the general investing public will continue to be able to trade in the Company’s shares.

 

The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on April 28, 2021 of the Company’s latest interim financial reports for the period ended February 28, 2022.

 

About iMining Technologies Inc.

iMining Technologies Inc. is a growth oriented, TSXV listed company, focused on linking traditional capital markets with blockchain investment opportunities.  Through its wholly owned subsidiaries, the company provides retail and institutional investors a safe and secure way to stake, mine and exchange digital assets using proprietary and secure solutions. We are driven by our core values to operate with transparency, efficiency, and sustainability as we work toward building long-term shareholder value.

 

ON BEHALF OF THE BOARD

 

Signed “Gary Arca”                                                                                                                                            

Gary Arca, CFO

 

FOR FURTHER INFORMATION, please contact:

iMining Corporate Offices:

Saleem Moosa, Director

Email: [email protected]

Telephone: 1-604-602-4935    t   Facsimile: 1-604-602-4936
Toll Free:  1-866-602-4935

 

Evan Eadie, Corporate Development
Email:  [email protected]
Telephone: (604) 602-4935 ext. 203
Toll Free:   1-866-602-4935

 

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 

Forward-Looking Statements

Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. “Forward-looking information” in this news release includes, but is not limited to, statements regarding the timing, review, completion and filing of the Annual Filings, and duration of the MCTO; and other forward-looking information concerning the intentions, plans and future actions of the parties described herein and the terms thereon.

 

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the Company may not complete its audit and file the Annual Filings as currently anticipated, or at all; the Company will be subject to a general cease trade order in the event that the Annual Filings are not completed and filed; and other related risks as more fully set out in the registration statement of the Company and other documents disclosed under the Company’s filings at www.sedar.com.

 

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s ability to complete and file the Annual Filings. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

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