Star Minerals Group Ltd. Announces Expected Delay in Filing Annual Financial Statements, annual MD&A and Annual Certifications
Saskatoon, Saskatchewan / TheNewswire / February 29, 2016 - Navis Resources Corp. (formerly Star Minerals Group Ltd.) ("Navis" or the "Company") (CSE: SUV) announces that it will not be able to file its annual Financial Statements, annual MD&A and related CEO and CFO certifications (collectively "2015 Disclosure Documents") for the fiscal year ended October 31, 2015 within the period prescribed for the filing of such documents under Part 6 of National Instrument 51-102 and under Part 4 of National Instrument 52-109, namely within 120 days of year-end being February 29, 2016.
Despite its efforts, the Company is currently not in a position to timely file the 2015 Disclosure Documents primarily due to unanticipated delays in completing the annual audit due in part to changes in management and rebranding of the Company.
The Company has made an application to the Financial and Consumer Affairs Authority of Saskatchewan for a management cease trade order ("MCTO") which would restrict all trading in securities of the Company held directly or indirectly by management of the Company. The MCTO would not affect the ability of shareholders who are not insiders of the Company to trade their securities. There is no certainty the MCTO will be granted. If the MCTO is not issued the applicable Canadian securities regulatory authorities could issue a general cease trade order against the Corporation for failure to file the 2015 Disclosure Documents within the prescribed time period.
The Company's management is working diligently to meet its obligations relating to the filing and the Company expects to file the 2015 Disclosure Documents on or before April 15, 2016.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines set out in Sections 4.3 and 4.4 of National Policy 12-203 for as long as it remains in default as a result of the late filing. During such period the Company will issue bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
About Navis Resources Corp.
Navis is a Saskatoon-based diversified exploration stage company positioned for growth in Canada through the acquisition and development of advanced and/or cash flow mining opportunities. Navis is backed by an experienced and high-energy management team with diverse technical, market and finance strengths and expertise, and is supported by committed and sophisticated investors focused on building value for the long term.
Navis trades on the CSE (formerly CNSX) under the symbol "SUV".
For more information, please visit our website at www.starminerals.ca.
For further information:
Navis Resources Corp. www.naviscorp.com Michael Burns, President and CEO Phone: +1 306-715-6802 or
James Rogers, COO
Phone: +1 778-809-7009
Facsimile: +1 306-244-0042
Forward Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ("forwardlooking statements"), including statements regarding project plans for 2016. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Star's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Navis believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. Other factors that could materially affect such forward-looking statements are described in the risk factors in the most recent management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forwardlooking statements contained in this document are made as of the date of this document and, except as required by applicable law, Navis does not undertake any obligation to publicly update or to revise any of the included forwardlooking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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