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April 15, 2024 – TheNewswire – Calgary, Alberta – EF EnergyFunders Ventures, Inc. (the “Corporation” or “EFV”) (TSXV:EFV) announces that, further to its news release dated April 12, 2024, in connection with the recent transition to the new management team that will result in delays in the completion of its audit, the Corporation will be unable to meet the filing deadline of April 29, 2024, for filing of the following continuous disclosure documents (collectively, the “Annual Filings”):
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the Corporation’s Annual Audited Financial Statements for the year ended December 31, 2023, as required by section 4.2 of National Instrument 51-102 – Continuous Disclosure Obligations (NI 51-102”);
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the Corporation’s Management Discussion Analysis for the year ended December 31, 2023, as required by section 5.1(2) of NI 51-102;
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the certification of the annual filings for the year ended December 31, 2023; and
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the Corporation’s Statement of Reserves Data and Other Oil and Gas Information, Report on Reserves Data by Independent Qualified Reserves Evaluator, and Report of Management and Directors on Oil and Gas Disclosure for the year ended December 31, 2023, as required by section 2.1 of National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
The delay is a result of the recent changes to the officers of the Corporation. The newly appointed management team, including the new Chief Executive Officer and Chief Financial Officer, will need additional time to collect and review all necessary information to complete the Annual Filings, including working with the auditors and ensuring that Fruci has all necessary information to complete the audit, and also to be in a position to sign the certifications of the Annual Filings.
In response to the Annual Filings delay, the Corporation has applied to the Alberta Securities Commission for a management cease trade order (“MCTO”) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) that will prohibit the management of the Corporation from trading in the securities of the Corporation until such time as the Annual Filings are filed. No decision has yet been made by the Alberta Securities Commission on this application. The Alberta Securities Commission may grant the application and issue the MCTO or it may impose an issuer cease trade order if the Annual Filings are not filed in a timely fashion.
The Corporation continues to work to complete the Corporation’s annual financial statements, and expects to file the Annual Filings by May 29, 2024, and will issue a news release once the Annual Filings have been filed. EFV has made all efforts and allocated all available resources to the preparation, completion and filing of the Annual Filings. Until the Corporation files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Corporation to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.
Until the Corporation has filed the Annual Filings, members of the Corporation’s management and other insiders are subject to an insider trading black-out policy as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Corporation 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 November 29, 2023, of the Corporation’s interim financial reports for the period ended September 30, 2023. There are no insolvency proceedings involving the Corporation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
EF EnergyFunders Ventures, Inc. is an oil and natural gas investment Corporation headquartered in Calgary, Alberta, with executive offices in San Antonio, Texas. The Corporation’s common shares are listed on the TSX Venture Exchange under the trading symbol “EFV” and on the OTC Pink as “EFVIF”.
For further information please contact:
Jason Eubanks
Chief Executive Officer
Email: [email protected]
EF EnergyFunders Ventures, Inc.
716 S. Frio St., Suite 201
San Antonio, Texas 78207
Telephone: 254-699-0975
Media Contact:
Aquila Mendez-Valdez
210-606-5251
Forward Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this news release contains forward-looking information regarding the filing of the Annual Filings, including the timing for the filing of the Annual Filings; and the application for a MCTO in respect of EFV. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects EFV ‘s current beliefs and is based on information currently available to EFV and on assumptions EFV believes are reasonable. These assumptions include, but are not limited to: the ability of EFV to complete the Annual Filings in the noted timeframe; the Management Cease Trade Order application process and the applicability of that process to EFV.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of EFV to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: volatility in market prices for oil and natural gas; constraints on sour gas production; the availability of commodity markets and third party equipment, infrastructure and services; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; geological, technical, drilling and processing availability, upsets or problems; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting EFV; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in EFV’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although EFV has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of EFV as of the date of this news release and, accordingly, is subject to change after such date. However, EFV expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
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