VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/24/17 -- GT Gold Corp. ("GT Gold") (TSX VENTURE: GTT) is adopting, effective immediately, the December 31st year end of its now wholly-owned subsidiary New Chris Minerals Ltd. ("New Chris"). GT Gold's year end was formerly May 31st.
The change results from the acquisition (closed November 10, 2016) of privately held New Chris by GT Gold (formerly Manera Capital Corp.) which, under Exchange policies, constituted a Reverse Take-Over of Manera by New Chris, and New Chris was deemed the "parent company" of the Resulting Issuer GT Gold. As such, for accounting purposes the comparative information within GT Gold's financial statements must be the financial information of the accounting acquirer, New Chris and, to adhere to financial reporting requirements under National Instrument 51-102 Continuous Disclosure Obligations Section 4.8(4), Resulting Issuer GT Gold must adopt the New Chris December 31st year end.
The next reporting period end for GT Gold will therefore be December 31, 2016, and will encompass the twelve month New Chris financials to that date, as well as the GT Gold financials from the date of the RTO (November 10, 2016 to December 31, 2016. These consolidated financial statements are under preparation and will be subject to audit. GT Gold will also file the following unaudited financial statements:
-- March 31, 2017 (3 months, consolidated) with a comparative of March 31,
2016 (3 months, New Chris only)
-- June 30, 2017 (3 + 6 months, consolidated) with a comparative of June
30, 2016 (3 + 6 months, New Chris only)
-- September 30, 2017 (3 + 9 months, consolidated) with a comparative of
September 30, 2016 (3 + 9 months, New Chris only)
GT Gold will then file 12 month consolidated financial statement for the year ended December 31, 2017, with a comparative for the audited financial statements currently under preparation (12 months of New Chris + November 10, 2016 to December 31, 2016 information of GT Gold).
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
GT Gold Corp.
Kevin M. Keough
President and Chief Executive Officer
(613) 832-4592
www.gtgoldcorp.ca
