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I hope your right. The below press release from earlier today does support the fact that they may be busy trying to secure funds however I do not like the idea of missing a filing deadline and payments. In their defence, the request for a managment cease trading order is somewhat reassuring.
/rac
Tyhee to be late in filing fiscal 2014 results
2015-03-25 01:20 ET - News Release
Mr. Brian Briggs reports TYHEE ANNOUNCES DELAY IN FILING ANNUAL FINANCIAL STATEMENTS Tyhee Gold Corp.'s annual financial statements for the year ended Nov. 30, 2014, including the related management's discussion and analysis and chief executive officer and chief financial officer certifications, will not be filed by the required filing deadline of March 30, 2015. The annual financial filings will not be filed before the filing deadline. This delay is primarily due to a current lack of financing to remunerate the company's auditor and uncertainty related to the company's ability to secure financing to complete the previously disclosed acquisition of an interest in Sutter Gold Mining Inc. The company continues discussions with certain investors regarding several stages of financing that, when and if completed, will be sufficient for the company to meet all its current financial commitments. Based on representations and negotiations with these investors, Tyhee expects that such financing arrangements will be completed; however, delays in receipt of financing have necessitated the company ceasing any payments for services to its various suppliers and debtholders. No assurances can be given by the company that a financing transaction will be completed and that all claims will be settled on a timely basis. Delays in receipt of committed financing have and continue to create risk of default by the company. The company has applied to the applicable securities regulatory authorities and received a management cease trade order related to the company's securities to be imposed against all of the persons who are currently directors or officers of the company to trade securities of the company. The management cease trade order will be in effect until the annual financial filings are filed. Until the annual financial filings are filed, the company intends to provide information in accordance with National Policy 12-203 (cease trade orders for continuous disclosure defaults). We seek Safe Harbor
The road to Diavik opened early and will be reaching capacity sooner due to a colder than normal winter.
I should have asked about options and/or warrants. What is the impact on them?
Personally, I have never been on the good side of a reverse split. I am also curious as to what happens to the warrants out there when there is a reverse split. Do they get rolled back as well?
Below is what the Government of Northwest Territories is thinking
"Likely prospects for near term development include:
- De Beers, Gahcho Kue - diamonds
- Tyhee, Yellowknife Gold Project
- Fortune Minerals, NICO Project - gold, cobalt, bismuth
- Avalon Resources, Thor Lake - rare earth metals"
Above exerpt from one of the websites belonging to the government's Department of Industry Tourism and Investment. Some other interesting reading on the site as well.