Toronto, Ontario--(Newsfile Corp. - December 11, 2018) - Mainstream Minerals Corporation (the "Company") is pleased to announce that it has been successful in its application to the Manitoba Securities Commission, Ontario Securities Commission and British Columbia Securities Commission (collectively, the "Commissions") to revoke cease trade orders issued by each of the above noted Commissions (the "Cease Trade Orders").
Continuous Disclosure Filings
The Cease Trade Orders were issued as a result of the Company's failure to file the following continuous disclosure materials within the timeframe stipulated by the applicable legislation:
- audited annual financial statements for the year ended November 30, 2015;
- management's discussion and analysis relating to the audited annual financial statements for the year ended November 30, 2015; and
- certification of the foregoing filings as required by National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings ("NI 52-109")
(collectively, the "2015 Annual Filings").
Subsequent to the issuance of the Cease Trade Orders, the Company also failed to file, within the timeframe stipulated by the applicable legislation: (a) interim financial statements, interim management discussion and analysis and certifications required by NI 52-109 for the periods ended February 28, 2016, May 31, 2016 and August 31, 2016 (collectively, the "2016 Interim Filings"); (b) audited annual financial statements, management's discussion and analysis and certifications required by NI 52-109 for the year ended November 30, 2016 (collectively, the "2016 Annual Filings"); (c) interim financial statements, management's discussion and analysis and certifications required by NI 52-109 for the periods ended February 28, 2017, May 31, 2017 and August 31, 2017 (collectively, the "2017 Interim Filings"); (d) audited annual financial statements, management's discussion and analysis and certifications required by NI 52-109 for the year ended November 30, 2017 (collectively, the "2017 Annual Filings"); and (e) interim financial statements, management's discussion and analysis and certifications required by NI 52-109 for the periods ended February 28, 2018, May 31, 2018 and August 31, 2018 (collectively, the "2018 Interim Filings").
The Company has remedied these defaults by filing the 2015 Annual Filings, the 2016 Annual Filings, the 2017 Annual Filings and the 2018 Interim Filings.
Annual Meeting, Board of Directors and Audit Committee
The Company is also pleased to announce that shareholders voted in favour of the election of the following individuals to the board of directors at its reconvened annual and special meeting held on October 23, 2018 (the "Annual Meeting"):
Lisa McCormack, President, Chief Executive Officer, Corporation Secretary and Director: Ms. McCormack has been a Corporate Securities Law Clerk with Irwin Lowy LLP from August 2006 to December 2010 and from September 20, 2013 to present. Ms. McCormack was also Corporate Secretary of Barkerville Gold Mines Ltd. from April 2015 to August 2017. Prior thereto Ms. McCormack served as Corporate Secretary of Kerr Mines Inc., Vice-President, Legal of Northern Gold Mining Inc. and Corporate Secretary of Trelawney Mining and Exploration Inc. Ms. McCormack also serves as a director and/or officer of several reporting issuers and publicly listed corporations.
Arvin Ramos, Chief Financial Officer and Director:Mr. Ramos holds a degree in commerce and is a member of the Chartered Professional Accountants of Ontario. Mr. Ramos has over 15 years of business experience, having supported a broad range of industries, including mining, technology and banking. During the same period, he has served as Chief Financial Officer of several junior mining companies.
Kelly Malcolm, Director:Mr. Malcolm, a professional geologist, has been working in the mineral exploration industry since 2011 and specializes in geochemical and geophysical data integration & interpretation to guide exploration activities. He is currently President and Chief Executive Officer of a CSE-listed mineral exploration company. Mr. Malcolm acts as a consultant to several boutique Toronto-based finance firms. He holds a Bachelor of Science Honours degree in geology and a Bachelor of Arts degree in economics, both from Laurentian University.
James Fairbairn, Director - James Fairbairn is a finance professional with over 25 years of experience in corporate governance, leadership, mergers and acquisitions, corporate finance and financial and management reporting. Mr. Fairbairn is a Chartered Professional Accountant who brings strong financial skills and who has served as a senior officer and/or a director in both public and privately held companies. He has served as a senior officer and/or director and Chairman of the audit committees of a number of public and private companies.
Shareholders also voted in favour of the amendment to its articles of amendment to empower the directors to determine the number of directors to be elected to the board between annual meetings of shareholders and to change the name of the Company to such name to be determined by directors.
Following the Annual Meeting the directors appointed: Ms. McCormack, President, Chief Executive Officer and Corporate Secretary and Mr. Ramos, Chief Financial Officer of the Company. In addition, Mr. Fairbairn, Mr. Malcolm and Ms. McCormack were appointed members of the Audit Committee of the Company.
For more information, please contact:
Lisa McCormack
President & Chief Executive Officer
Tel: (416) 361-2515
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
