News Series 16 Release 2
TYHEE ANNOUNCES DELAY IN FILING ANNUAL FINANCIAL STATEMENTS
Vancouver, March 25, 2015 – Tyhee Gold Corp. (TSX-V: TDC) (“Tyhee” or the “Company”) wishes to announce that the filing of its annual financial statements for the year ended November 30, 2014, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Financial Filings”) will not be filed by the required filing deadline of March 30, 2015 (the “Filing Deadline”).
The Annual Financial Filings will not be filed before the Filing Deadline. This delay is primarily due to a current lack of funds to remunerate the Company’s auditors and uncertainty related to the Company’s ability to secure funds 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 funding 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 funding arrangements will be completed, however delays in receipt of funding has necessitated the Company ceasing any payments for services to its various suppliers and debt holders. 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 funding 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider ) as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation, may prove to be imprecise and, as such, undue reliance should not be placed on the forward-looking statements.
For further information please contact:
GT Investor Relations Inc.
O: 905 337-7673
C: 416 605-5120
President – Tyhee Gold
T: 604 681-2877