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Rusoro Mining Ltd. (TSXV: RML) has provided a bi-weekly status update regarding its previously announced Management Cease Trade Order (MCTO). The company failed to file its annual audited financial statements for 2024 by the April 30, 2025 deadline. Rusoro is working with its audit team and remains confident in completing the Annual Filings before June 30, 2025.
The MCTO, issued by the British Columbia Securities Commission on May 1, 2025, restricts the CEO and CFO from trading company securities but does not affect other shareholders' ability to trade. The company confirms no material changes or undisclosed information since the Default Announcement and will continue issuing bi-weekly status reports.
Rusoro Mining has announced a delay in filing its financial statements for the year ended December 31, 2024. The company has received a voluntary management cease trade order (MCTO) from Canadian securities regulators, which restricts insider trading but allows general trading to continue.
The delay stems from the resignation and replacement of the company's auditor on October 11, 2024. Management expects to complete the required filings by May 23, 2025. The company confirms compliance with alternative information guidelines and has not initiated any insolvency proceedings.
Additionally, three directors - Jay Kaplowitz, Dmitri Ushakov, and Vladimir Agapov - have resigned effective immediately.
Rusoro Mining (TSXV: RML) has provided an update regarding a credit bid submitted by Dalinar Energy , a subsidiary of Gold Reserve , for the purchase of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.
The bid, supported by a consortium including Rusoro, Gold Reserve, Koch Minerals Sarl, and Koch Nitrogen International Sarl, was not selected as the 'Stalking Horse' or 'Base Bid' by the Special Master under the U.S. District Court for the District of Delaware sale process. Instead, the Special Master recommended a $3.699 billion bid from Red Tree Investments, an indirect subsidiary of Contrarian Funds,
Interested parties can now object to the Special Master's recommendation before a Court hearing. Rusoro has engaged Rothschild & Co as financial advisor and Kirkland & Ellis LLP and DLA Piper LLP as legal counsel to maximize the value of its U.S. Judgment in the PDVSA sale process.
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