WATERLOO, ONTARIO — (Marketwired) — 07/31/13 — Great Lakes Nickel Limited („GLN“ or the Company“) is pleased to announce that the cease trade orders issued in December 2002 by each of the Ontario Securities Commission, the British Columbia Securities Commission and the Authorite des marches financiers and the cease trade order issued in February 2003 by the Alberta Securities Commission have been revoked.
The cease trade orders were issued as a result of the Company failing to file its financial statements in a timely manner. On November 30, 2012, the Company filed under the Company-s profile on SEDAR () its audited financial statements for the fiscal periods ended December 31, 2009, 2010 and 2011, including management-s discussion and analysis for such periods, its interim unaudited financial statements for the periods ended March 31, 2012, June 30, 2012 and September 30, 2012, including management-s discussion and analysis for such periods and accompanying certificates of the Chief Executive Officer and Chief Financial Officer, as required under applicable securities laws. On April 29, 2013 and May 30, 2013, the Company filed its audited financial statements for the fiscal period ended December 31, 2012 and interim unaudited financial statements for the period ended March 31, 2013, respectively, including management-s discussion and analysis for such periods and accompanying certificates of the Chief Executive Officer and Chief Financial Officer, as required under applicable securities laws.
The Company held an annual general meeting of shareholders on December 28, 2012 and has filed all outstanding continuous disclosure documents that are required to be filed under applicable securities laws, including its articles, by-laws and the option agreement with Rio Tinto Exploration Canada Inc. dated November 18, 2011, as amended. GLN plans to recommence operations as a junior natural resource exploration company and may also look to acquire other exploration properties in the future.
In connection with the Company-s application for revocation of the cease trade orders, the Company provided an undertaking to the Ontario Securities Commission that that the Company will not complete:
(a) a restructuring transaction involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada,
(b) a reverse take-over with a reverse take-over acquirer that has direct or indirect, existing or proposed, material underlying business which is not located in Canada, or
(c) a significant acquisition involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada,
unless,
(i) the Company files a preliminary prospectus and a final prospectus with the Ontario Securities Commission and obtains receipts for the preliminary prospectus and the final prospectus from the Director under the Securities Act (Ontario),
(ii) the Company files or delivers with the preliminary prospectus and the final prospectus the documents required by Part 9 of National Instrument 41-101 General Prospectus Requirements („NI 41-101“) including a completed personal information form and authorization in the form set out in Appendix A of NI 41-101 for each current and incoming director, executive officer and promoter of the Company, and
(iii) the preliminary prospectus and the final prospectus contain the information required by the applicable securities legislation, including the information required for a probable restructuring transaction, reverse takeover or significant acquisition (as applicable).
CAUTIONARY STATEMENT
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain „forward looking statements“. All statements other than statements of historical fact included in this release, without limitation, statements regarding future plans and objectives of GLN, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from GLN-s expectations are such things such as regulatory approvals and receipt of mining permits and leases.
Contacts: Fasken Martineau DuMoulin LLP Michael Bourassa 416-865-5455
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