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Ponderous Panda Capital Corp. Announces Reliance Upon Annual Financial Statement Filing Exemption

Tickers: XTSX:PPCC.P
Tags: #Mining

April 29, 2020 - TheNewswire - Vancouver, British Columbia - Ponderous Panda Capital Corp. ("PPCC" or the "Company") (TSXV:PPCC.P), a capital pool company, is providing an update on the status of the filing of its annual financial statements and accompanying management's discussion and analysis, and related CEO and CFO certifications for the financial year ended December 31, 2019.

The British Columbia Securities Commission has enacted BC Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements ("BCI 51-515") which allows for a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020. The Company will be relying on this extension and on the temporary exemption of its Group A filings pursuant to BCI 51-515 in respect to the following provisions:

  • -.the requirement to file audited financial statements for the year ended December 31, 2019 (the "Financial Statements") within 120 days of the Company's financial year end as required by section 4.2(b) of NI 51-102 - Continuous Disclosure Requirements ("NI 51-102");

  • -.the requirement to file management discussion and analysis for the period covered by the Financial Statements within 120 days of the Company's financial year end as required by section 5.1(2) of NI 51-102; and

  • -.the requirement to file certifications of the Financial Statements pursuant to section 4.1 of National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings.

The Company has experienced delays in preparing such documents due to the ongoing COVID-19 restrictions in place in British Columbia. The Company continues to work with its auditors and expects to make the above mentioned filings before May 15, 2020.

The Company confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

The Company reports that the only material business developments since the filing of the Company's interim financial reports for the period ended September 30, 2019 can be found in the Company's news release dated March 25, 2020 as filed on the Company's profile on SEDAR. Except as disclosed in this news release, there have been no material developments in respect of the Company that have occurred since September 30, 2019 being the date of the last filed interim financial reports.

About Ponderous Panda Capital Corp.

The Company is a capital pool company ("CPC") within the meaning of the policies of the TSX Venture Exchange. The Company has not commenced operations and has no assets other than cash. The Company proposes to identify and evaluate business and assets with a view to completing a "Qualifying Transaction" under the TSX Venture Exchange Policy 2.4 - Capital Pool Companies.

For further information contact:

David W. Smalley, President and CEO

Telephone: (604) 684-4535

Investors are cautioned that trading in the securities of a CPC should be considered highly speculative.

Neither 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.

Copyright (c) 2020 TheNewswire - All rights reserved.

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