Toronto, Ontario / TheNewswire / July 19, 2017; Red Tiger Mining Inc., (RMN), (the "Company" or "Red Tiger") announces that it currently continues to produce copper cathodes from the residual leaching of copper inventory on its leach pad. In December of last year, the Company ceased mining operations at the Luz del Cobre copper mine as the tonnage of soluble copper being mined had reached uneconomic levels for continued production.
The Company remains in default under its senior secured loan agreement. At this time, the Company is pursuing strategic options, including ways to monetize its gold resource.
As stated previously, the Company has been unable to file by April 30, 2017 its annual audited consolidated financial statements and Management Discussion & Analysis ("MD&A") for the Company's financial year ended December 31, 2016, as required by National Instrument 51-102 – Continuous Disclosure Obligations and the related CEO and CFO certifications (the "Certifications") required pursuant to National Instrument 52-109 – Certification of Disclosure in Issuer's Annual and Interim Filings.
The Company has not yet met this requirement. Furthermore, it has received notice from the TSX Venture Exchange advising that the Company has been reclassified to Tier 2 effective July 20, 2017. In accordance with Exchange Policy 2.5, once an Issuer has been classified as Tier 2, they must remain in Tier 2 for a minimum of six months prior to the Exchange accepting an application for graduation to Tier 1. All future inter-tier movement will be reviewed in accordance with the Exchange Policies and Procedures Manual. To retain Tier 2 company status, each Tier 2 Issuer must continue to meet Tier 2 Continued Listing Requirements, or may be put on notice to be transferred to NEX.
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. Contact Information
For further information, please contact:
Red Tiger Mining Inc.
PO Box 23006 Castlewood, Toronto, ON M5N 3A8
This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the anticipated date for filing of its financial statements, MD&A and Certifications and the Company's intentions to comply with the Alternative Information Guidelines of NP 12-203) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, the assumption that the Company will be granted an order imposing a management cease trade order and the assumption that the Company will complete its audit in a timely manner. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can
be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the failure of the Company to complete its audit in a timely manner.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. 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.