Cerrado Gold Inc. Faces Potential Delay in Filing Annual Financial Statements

TORONTO, ON / ACCESSWIRE / April 25, 2024 – Cerrado Gold Inc., a Toronto-based mining firm, announced potential delays in submitting its annual financial statements for the year ended December 31, 2023. The company cited complications arising from recent policy changes in Argentina, impacting its operations at the Minera Don Nicolas mine in Santa Cruz province. These changes have introduced significant challenges in managing currency controls and inflation, complicating the audit processes necessary for financial reporting.

Despite efforts to negotiate with the Ontario Securities Commission for a management cease trade order to prevent a trading halt, Cerrado Gold was informed that their request would not be granted due to its proximity to the filing deadline of April 29, 2024. The firm continues to discuss potential solutions with the commission.

In a related financial maneuver, Cerrado also disclosed the payment method for accrued interest on a US$20 million note issued to Sprott Resource Streaming and Royalty Corp. The interest, amounting to US$498,630.14, will be covered through the issuance of 3,433,150 common shares at a discount, pending approval from the TSX Venture Exchange.