TAG Oil Ltd. announces that the release of its annual financial statements for the fiscal year ending March 31, 2020 (the "Annual Financial Statements") and associated management discussion and analysis (the "MD&A") will be delayed. The Company will be relying on the 45-day filing and delivery extension for periodic filings required to be made on or before August 31, 2020 as provided by BC Instrument 51-517 - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 ("BCI 51-517") in respect of:
- the requirement to file the Annual Financial Statements within 90 days of the Company's most recently completed financial year pursuant to section 4.2(a) of National Instrument 51-102 ("NI 51-102");
- the requirement to deliver the Annual Financial Statements to registered or beneficial shareholders of the Company who requested a copy of the Annual Financial Statements within 10 calendar days of the filing deadline contained in section 4.2(a) of NI 51-102 pursuant to section 4.6(3) of NI 51-102;
- the requirement to file the MD&A within 90 days of the Company's most recently completed financial year pursuant to section 5.1(2) of NI 51-102;
- the requirement to deliver the MD&A to registered or beneficial shareholders of the Company who requested a copy of the MD&A within 10 calendar days of the filing deadline contained in section 4.2(a) of NI 51-102 pursuant to section 5.6(1) of NI 51-102; and
- the requirement to file annual oil and gas disclosure not later than the date on which it is required to file the Annual Financial Statements and MD&A pursuant to section 2.1 of National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
The Company expects that the above-mentioned filings will be filed on or around August 13, 2020, and in any event within the deadline required for such filings in accordance with BCI 51-517.
There have not been any material business developments since the date of the Company's interim financial statements and associated MD&A for the interim period ended December 31, 2019, except:
- the Company's return of capital to its shareholders in the amount of C$0.30 per common share (for an aggregate return of capital of approximately C$25.6 million) on April 14, 2020; and
- the voluntary de-listing of the Company's common shares from the Toronto Stock Exchange on June 26, 2020 and the listing of the Company's common shares on the TSX Venture Exchange (the "TSXV") on the date hereof.
Until such time as the above filings are made, the Company's management and other insiders are subject to a trading black-out that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
As previously disclosed in TAG's release dated June 15, 2020 and discussed above, TAG's common shares are now listed for trading on the TSXV. Going forward, TAG's interim and annual filings will follow the continuous disclosure filing calendar for venture issuers in accordance with NI 51-102.