Champion Bear Provides Default Status Report for Management Cease Trade Order

CALGARY, Alberta, July 02, 2020 (GLOBE NEWSWIRE) — Champion Bear Resources Ltd. (TSXV: CBA-V) (“Champion Bear” or the “Company“) announces that that it has been granted a management cease trade order (“MCTO“) by the Alberta Securities Commission (the “ASC“), the Company’s principal securities regulator in Canada, pursuant to National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) in respect of the late filing of its annual financial statements and management’s discussion and analysis (the “Annual Financial Statements“) for the year ended December 31, 2019. The MCTO will be in effect until July 15, 2020. The Company anticipates that, subject to current conditions remaining the same, it will be able to complete the audit review process and that it will use its best efforts to complete the filing of the Annual Financial Statements on or before July 15, 2020.
Champion Bear also confirms that there have not been any material business developments relating to the Company since its last news release issued on June 15, 2020 relating to the application for the MCTO and the new release issued on June 26, 2020 relating to the change of the Company’s auditors from KPMG LLP to BDO Canada LLP.The Company’s directors and senior officers and other insiders will not be able to trade in Champion Bear securities while the MCTO is in effect, and the Company will be required to comply with the provisions of the alternative information guidelines as set out in NP 12-203 for so long as the MCTO remains in effect, including the issuance of bi-weekly default status reports by way of press releases.Unless and until such time as the Company files the Annual Financial Statements, shareholders and potential investors of the Company are urged to exercise extreme caution when dealing in the securities of the Company. If the Company is unable to file its Annual Financial Statements prior to the expiry of the MCTO, it is anticipated that the ASC will issue a general “failure to file” cease trade order prohibiting the trading by any person of any securities of the Company, including trades in the Company’s common shares made through the TSX Venture Exchange, which would take effect shortly after the expiry of the MCTO and would remain in place until such time as the Annual Financial Statements have been filed. Trading prices and volatility of the Company’s securities may be negatively affected and any investment in such securities could suffer a significant decline or total loss in value. The Company will make further announcements with respect to the status of the filings as and when appropriate.About Champion BearChampion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The Company’s primary targets are platinum group metals, precious metals, and polymetallic base metals deposits. Champion Bear’s aim is to create shareholder value through selective property acquisition followed by focused exploration emphasizing drilling. The Company has assembled a large land position in the Dryden and Sudbury areas, totaling over 16,000 hectares. Additional information about Champion Bear can be found on the Company’s website at www.championbear.com and on SEDAR at www.sedar.com. For further information, please contact: Richard D. Kantor, Chairman and President of Champion Bear at phone: (403) 229-9522.NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:This news release includes certain “forward-looking statements” under applicable Canadian securities legislation including statements relating to the ability to prepare and complete the audit for the Annual Financial Statements, the timing for the completion of the audit review and the filing of the Annual Financial Statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the potential development of resources and drilling plans which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the ability to prepare and complete the audit for the Annual Financial Statements; the market price of the Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, litigation risks, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters including the COVID-19 pandemic. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.