The filing of the company’s interim financial statements for the first quarter ended March 31, 2001, will be briefly delayed past the May 30 due date.
The delay arises as a result of a combination of events, including the accident to the company’s NamSSol mining system, the subsequent deterioration of Namco’s financial position, the provisional liquidation of certain subsidiary companies and refinancing initiatives, and the subsequent intensive time and effort which was expended by Namco to prepare, and file its annual audited statements, management’s discussion and analysis, annual information form, and annual report (all of which has been filed with securities regulators). In addition, the company has been devoting its efforts to the preparation and filing of a preliminary long-form prospectus to qualify the exercise of special securities issued by it in recent private placement transactions previously announced. The prospectus was filed May 29, 2001, together with a full technical report prepared in accordance with the new National Instrument 43-101 of the Canadian Securities Administrators.
Although the British Columbia and Ontario securities commissions have the power to impose a cease trade order in respect of trading in Namco’s securities due to the delay, Namco anticipates that the interim statements will be filed no later than June 6, 2001, a delay of one week. Until the interim statements are filed, Namco intends to satisfy the provisions of the “alternate information guidelines” pursuant to Ontario Securities Commission Policy 57-603. Pursuant to the policy, if Namco’s interim statements have not been filed by July 30, 2001, the Ontario Securities Commission may issue a cease trade order in respect of Namco’s securities. Given the brief delay in filing anticipated by Namco, Namco does not believe this aspect of the policy will have relevance to it.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
