Usha Resources Announces Update to its Annual Filing
Updated: Feb 7
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV: USHA) announces that it will be relying on a 45-day extension for certain regulatory filings and delivery obligations, as a result of the COVID-19 pandemic, as announced by the Canadian Securities Administrators (“CSA”) on May 20, 2020, with respect to the filing of its annual financial statements, management's discussion and analysis, and related officer certificates for its financial year ended March 31, 2020.
The notice released by the CSA stated that it published a blanket order providing a 45-day extension for certain filing, delivery and base shelf prospectus renewal obligations normally due or required to be made during the period from June 2, 2020 to August 31, 2020 as a result of the COVID-19 pandemic. As such, the British Columbia Securities Commission (“BCSC”) has enacted BC Instrument 51-517 Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 (“BCI 51-517”).
The Company will be relying on the temporary exemption pursuant to BCI 51-517 in respect of the following provisions:
the requirement to file audited financial statements for the year ended March 31, 2020 (the “Financial Statements”) within 120 days of the Company's financial year end as required by section 4.2(b) of National Instrument 51-102 Continuous Disclosure (“NI 51-102”);
the requirement to file management discussion and analysis (the “MD&A”) for the period covered by the Financial Statements within 120 days of the Company's financial year end as required by section 5.1(2) of NI 51-102; and
the requirement to file certifications of the Financial Statements (the “Certificates” and together with the Financial Statements, the “Annual Filings”) pursuant to section 4.1 of National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings and section 4.2(b) [filing deadline for annual financial statements] NI 51-102. The Company is continuing to work diligently with its auditors to file the Annual Filings by August 25, 2020.
The Company confirms that there have been no material developments, other than those disclosed through news releases and material change reports, since the filing of its condensed interim financial statements for the period ended December 31, 2019.
Additionally, the Company advises that management and other insiders of the Company are subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11-207, Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
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