Big Red Diamond Requests for a Delay for Filing of the Annual Financial Statements.MONTREAL Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. -- Big Red Diamond Corporation ("Big Red") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:DIA) has formally requested from the Autorite des marches financiers of Quebec a 30-business-day extension to file its audited annual financial statements for the year ended October 31, 2005, pursuant to National Instrument 57-301. The company wishes to clarify that this request is necessary in order to allow sufficient time for the auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together to complete their audit which is currently very advanced. This extension request is due to the fact that Big Red Diamond's auditors cannot finish the work because Kel-Ex Development Ltd. and Metalex Ventures Ltd., respectively the Operator and Manager of the Attawapiskat and Dumont Joint Ventures in which Big Red is a minority partner together with other minority partners, have not allowed complete access to paid-up Paid-Up The state of a settlement when all payment obligations for a security have been completed in a customer account. When an individual has paid up, he or she has paid for the security in full. exploration data related to the Joint-Ventures and that the financial reporting from them has been inconsistent and difficult to reconcile. The company intends to file the audited annual financial statements in the 30 business days following the February 28, 2006 deadline allowed by regulations. In the event that the audited annual statements are not filed in time, the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. and the Autorite des marches financiers retain discretionary powers to put into effect a management cease-trade order or CTO (Chief Technical Officer) The executive responsible for the technical direction of an organization. See CIO and salary survey. . A management CTO can also be invoked if the company fails to publish its default status report in a timely fashion. The corporation will abide to the conditions set forth in Appendix B of National Instrument 57-301 until the filing of the audited annual financial statements. The TSX Venture Exchange does not accept responsibility for adequa cy or accuracy of this release. BIG RED DIAMOND CORPORATION (TSX VENTURE:DIA) |
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