Thousand Oaks, California, March 20, 2024–(BUSINESS WIRE)–Kolibri Global Energy Inc. (“''company'') today announced the fiscal year ending December 31, 2023 (collectively, “annual return“), as required under applicable Canadian securities laws.
In relation to the Company's failure to file its annual return on time, the Company has applied for a cease and desist trading order (“M.C.T.O.“) Based on National Policy 12-203 – Management order to cease trade (“NP12-203“) Pending approval from the British Columbia Securities Commission.
We recently hired Markham LLP as our new auditor in connection with our listing on the Nasdaq Stock Exchange. The Company and Marcum LLP have implemented due diligence and procedures to meet regulatory requirements. The additional time gives the auditor the opportunity to thoroughly perform audit procedures. This approach underscores our commitment to maintaining strict financial compliance and ensuring the highest level of accuracy and transparency for our shareholders.
The Company intends to file its annual filings as soon as they become available, no later than May 31, 2024. The Company will issue a news release upon the filing of its annual filings. We comply with the alternative information guidelines set forth in NP 12-203 until the filing of our annual filings. The guidelines require, among other things, that we issue a biweekly default status report in the form of a news release unless an annual report has been filed.
During the MCTO period, retail investors will continue to be able to trade the Company's common shares listed on the Canadian Securities Exchange. However, our Chief Executive Officer, Chief Financial Officer, and other directors, officers and persons determined by applicable regulatory authorities may not trade in our common stock, and we may not, directly or indirectly, trade in our common stock. You also cannot do the following: issue securities to any of our insiders or employees, except pursuant to legally binding obligations that exist as of April 2, 2023, the date on which our continued disclosure failure is anticipated; or acquire securities.
Our company is not subject to bankruptcy proceedings. If we provide any information to our creditors during any period in which we fail to file an annual report, we also confirm that we will file a material change report containing such information on SEDAR.
About Colibri Global Energy Ltd.
Kolibri Global Energy Inc. is a North American energy company focused on discovering and exploiting oil and gas energy projects. The Company, through various subsidiaries, owns and operates energy properties in the United States. The Company will continue to leverage its technical and operational expertise to identify and acquire additional projects in oil, gas and clean and sustainable energy. Our shares trade on the Toronto Stock Exchange under the stock symbol KEI and on the Nasdaq under the stock symbol KGEI.
Forward-looking statements
Cautionary Note Regarding Forward-Looking Statements: This release contains certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the Company's management's expectations or beliefs regarding future events. Forward-looking statements and information generally include forward-looking terminology such as “anticipates,” “intends,” or “anticipates,” or variations of such words or phrases, or specific actions or events. , or by the use of results descriptions. “may,” “could,” “should,” “will,” or “occur.” This information and statements referred to herein as “forward-looking statements” are not historical facts, are made as of the date of this news release, and do not reflect future plans, estimates or predictions. Discussions include, but are not limited to, statements that: among other things, management's expectations that it will not meet annual filing deadlines and management's expectations and intentions regarding the Company's ability to file its annual filings within the time periods described herein;
These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, among other things: the Company's inability to hire a new audit firm and submit its annual report within the proposed period; Recent market volatility. financial market conditions for our securities;
In making the forward-looking statements in this news release, the Company has applied several important assumptions, including: These include: This includes that the Company will be able to hire a new audit firm and file an annual report within the proposed period.
Although the Company's management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, There may be other factors that cause the results to differ from those anticipated, estimated or intended. . There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. We undertake no obligation to update any forward-looking statements, forward-looking information or financial outlook incorporated herein by reference, except in accordance with applicable securities laws. We want safe harbor.
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contact address
Colibri Global Energy Co., Ltd.
Wolf E. Regene +1 (805) 484-3613
Email: wregener@kolibrienergy.com
Website: www.kolibrieenergy.com
