Diamcor Announces Application for a Management Cease Trade Order
Diamcor Mining (TSX-V:DMI) has announced it will miss the July 29, 2025 deadline for filing its audited financial statements and management's discussion for the year ended March 31, 2025. The delay is attributed to incomplete funding objectives and operational challenges, including industry-wide supply chain disruptions and enforcement actions by major creditor Tiffany & Co.
The company has applied for a Management Cease Trade Order and outlined a remediation plan targeting completion by September 29, 2025. Key steps include finalizing arrangements with Tiffany to defer insolvency proceedings, completing funding objectives, and delivering required submissions to auditors PricewaterhouseCoopers and MNP LLP.
Diamcor Mining (TSX-V:DMI) ha annunciato che non rispetterà la scadenza del 29 luglio 2025 per la presentazione dei bilanci finanziari revisionati e della discussione della direzione per l'anno conclusosi il 31 marzo 2025. Il ritardo è dovuto a obiettivi di finanziamento incompleti e difficoltà operative, inclusi disagi nella catena di approvvigionamento a livello di settore e azioni esecutive da parte del principale creditore Tiffany & Co.
L'azienda ha richiesto un Management Cease Trade Order e ha presentato un piano di rimedio con l'obiettivo di completarlo entro il 29 settembre 2025. I passaggi chiave comprendono la finalizzazione degli accordi con Tiffany per posticipare le procedure di insolvenza, il completamento degli obiettivi di finanziamento e la consegna delle documentazioni richieste ai revisori PricewaterhouseCoopers e MNP LLP.
Diamcor Mining (TSX-V:DMI) ha anunciado que no cumplirá con la fecha límite del 29 de julio de 2025 para presentar sus estados financieros auditados y la discusión de la gerencia para el año finalizado el 31 de marzo de 2025. El retraso se atribuye a objetivos de financiamiento incompletos y desafíos operativos, incluyendo interrupciones en la cadena de suministro a nivel industrial y acciones de ejecución por parte del principal acreedor Tiffany & Co.
La compañía ha solicitado una Orden de Suspensión Comercial para la Dirección y ha presentado un plan de remediación con el objetivo de completarlo para el 29 de septiembre de 2025. Los pasos clave incluyen finalizar los acuerdos con Tiffany para aplazar los procedimientos de insolvencia, completar los objetivos de financiamiento y entregar las presentaciones requeridas a los auditores PricewaterhouseCoopers y MNP LLP.
Diamcor Mining (TSX-V:DMI)는 2025년 7월 29일까지 2025년 3월 31일 종료된 회계연도에 대한 감사 재무제표 및 경영진 토론 보고서를 제출하지 못할 것이라고 발표했습니다. 지연 사유는 불완전한 자금 조달 목표와 운영상의 어려움으로, 업계 전반의 공급망 혼란과 주요 채권자인 Tiffany & Co.의 집행 조치를 포함합니다.
회사는 경영진 거래 정지 명령(Management Cease Trade Order)을 신청했으며 2025년 9월 29일까지 완료를 목표로 하는 개선 계획을 제시했습니다. 주요 단계로는 Tiffany와의 파산 절차 연기 협상 마무리, 자금 조달 목표 달성, 그리고 감사인인 PricewaterhouseCoopers와 MNP LLP에 필요한 제출 서류 전달이 포함됩니다.
Diamcor Mining (TSX-V:DMI) a annoncé qu'elle ne respecterait pas la date limite du 29 juillet 2025 pour le dépôt de ses états financiers audités et de la discussion de la direction pour l'exercice clos le 31 mars 2025. Ce retard est attribué à des objectifs de financement incomplets et des défis opérationnels, notamment des perturbations de la chaîne d'approvisionnement à l'échelle du secteur et des mesures d'exécution prises par le principal créancier Tiffany & Co.
La société a demandé une Ordonnance de Suspension des Transactions par la Direction et a présenté un plan de remédiation visant à être achevé d'ici le 29 septembre 2025. Les étapes clés comprennent la finalisation des accords avec Tiffany pour différer les procédures d'insolvabilité, l'achèvement des objectifs de financement et la soumission des documents requis aux auditeurs PricewaterhouseCoopers et MNP LLP.
Diamcor Mining (TSX-V:DMI) hat bekannt gegeben, dass es die Frist am 29. Juli 2025 für die Einreichung der geprüften Finanzberichte und des Managementberichts für das zum 31. März 2025 endende Geschäftsjahr nicht einhalten wird. Die Verzögerung wird auf unvollständige Finanzierungsziele und betriebliche Herausforderungen zurückgeführt, darunter branchenweite Lieferkettenstörungen und Vollstreckungsmaßnahmen des Hauptgläubigers Tiffany & Co.
Das Unternehmen hat einen Management Cease Trade Order beantragt und einen Sanierungsplan vorgestellt, der bis zum 29. September 2025 abgeschlossen sein soll. Wichtige Schritte umfassen die Finalisierung der Vereinbarungen mit Tiffany zur Verschiebung der Insolvenzverfahren, die Erreichung der Finanzierungsziele und die fristgerechte Einreichung der erforderlichen Unterlagen bei den Wirtschaftsprüfern PricewaterhouseCoopers und MNP LLP.
- None.
- Company unable to file required financial statements by deadline
- Major creditor Tiffany & Co. enforcing security against company's assets
- Ongoing operational disruptions in South African operations
- Risk of potential insolvency proceedings
- Incomplete funding objectives affecting business operations
Shares Issued and Outstanding: 168,638,937
KELOWNA, BC / ACCESS Newswire / July 29, 2025 / Diamcor Mining Inc. (TSX-V.DMI), (the "Company") announces that due to ongoing delays in completing its funding objectives and associated operational and audit related delays, the Company will be unable to file its audited financial statements and corresponding management's discussion and analysis for the year ended March 31, 2025 (collectively, the "Financial Disclosure") on or before the prescribed filing deadline of July 29, 2025 as required by National Instrument 51-102 - Continuous Disclosure Obligations. The Company's South African auditor, PricewaterhouseCoopers, and its Canadian auditor, MNP LLP, require more time to complete the preparation, reviews and audit in respect of the Financial Disclosure. The delay has been caused by the inability of the Company to complete its funding objectives underway and the associated funding transactions due to the well documented industry wide supply chain disruptions and the resulting uncertainty surrounding the impact of US imposed tariffs, compounded by the recent actions undertaken by a major creditor, Tiffany & Co. Canada ("Tiffany"), to enforce its security against all of the Company's present and after acquired personal propertyand all shares held by the Company in the capital of its subsidiary DMI Diamonds South Africa (Pty) Ltd., as previously announced in the Company's news release on June 13, 2025. These issues have disrupted the Company's South African operations, which has also contributed to the delays in completing the South Africa portion of the Company's annual audit work.
The Company is working to complete the financing objectives underway, provide the additional submissions and related items to its auditors and to complete the audit of the financial statements for the year ended March 31, 2025. In this regard, the Company has formulated the following remediation plan:
Finalize arrangements with Tiffany to defer any formal insolvency proceedings in order to enable the Company to complete its funding objectives (target completion: August 15, 2025);
Complete funding objectives (target completion August 29, 2025);
Complete delivery of required submissions and related items to the Company's South African and Canadian auditors (target completion: September 2, 2025);
Complete draft Annual Filings for review and approval by the Company (target completion: September 23, 2025);
Complete final approval and filing of Annual Filing (target completion: September 26, 2025).
Based on the foregoing, the Company anticipates that it will be in a position to file its Financial Disclosure before September 29, 2025. The Company confirms that it will comply with the alternative information guidelines included in National Policy 12-203 - Management Cease Trade Orders, for so long as it remains in default of a specified requirement.
The Company has filed an application with the British Columbia Securities Commission and the Alberta Securities Commission requesting that they issue a management cease trade order against the Company's Directors, Officers and/or Insiders instead of a cease trade order against the Company and all of its securityholders.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.
On behalf of the Board of Directors
Mr. Dean H. Taylor
President & CEO Diamcor Mining Inc.
DTaylor@diamcormining.com
Tel (250) 864-3326
www.diamcormining.com
Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document include statements concerning the Company's intent to file the Financial Disclosure before September 29, 2025, and all other statements that are not statements of historical fact.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with adverse industry events; future legislative and regulatory developments; and other assumptions, risks and uncertainties.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
WE SEEK SAFE HARBOUR
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.
SOURCE: Diamcor Mining Inc.
View the original press release on ACCESS Newswire
FAQ
Why is Diamcor Mining (DMI) requesting a Management Cease Trade Order in July 2025?
What actions is Tiffany & Co. taking against Diamcor Mining?
When does Diamcor Mining expect to file its delayed financial statements?
What is Diamcor Mining's remediation plan to address the filing delay?
How many shares of Diamcor Mining are currently issued and outstanding?
