Silk Road Energy Announces Cease Trade Order Revocation

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Calgary, Alberta–(Newsfile Corp. – October 1, 2021) – Silk Road Energy Inc. (TSXV: SLK.H) (“Silk Road” or the “Company“) is pleased to announce that the Alberta and Ontario securities commissions (collectively, the “Commissions“) have revoked their respective cease trade orders (collectively, the “CTOs“) against the Company effective today. The Company will set strategic directions in the coming weeks and consider divesting its current assets or raising capital to pay for their decommissioning and to further other corporate objectives. The Company will also seek new opportunities in the oil and gas sectors and explore opportunities in the mining and exploration sectors including the acquisition of or joint venture in production and exploration concessions in these sectors. The Company is looking for potential asset acquisitions that will generate future positive cash flows.

The Commissions had issued a dual order to cease trading in the securities of Silk Road, directly or indirectly, until further notice on February 1, 2019 which was partially revoked on October 24, 2019. Silk Road had failed to meet the filing deadlines for the Company’s audited annual financial statements, annual management’s discussion and analysis and certification of annual filings for the year ended September 30, 2018, as required by the securities laws of British Columbia, Alberta, and Ontario. The Company’s common shares were cease traded by the Commissions or failure to file annual financial statements (the “Financial Statements“), management’s discussion and analysis (the “MD&A“), and certifications of annual filings (the “Certifications“) for the fiscal year ended September 30, 2018.

The Financial Statements, the MD&A and the Certifications were filed by the Company effective November 30, 2020 along with the annual financial statements, management’s discussion and analysis and certifications of annual filings for the fiscal year ended September 30, 2019. On May 19, 2021, the Company filed the annual financial statements, management’s discussion and analysis and certifications of annual filings for the fiscal year ended September 30, 2020. On May 26, 2021, the Company filed three sets of interim financial statements for the periods ended June 30, 2020, March 31, 2020 and December 31, 2019 as well as the related, management’s discussion and analysis and certifications. On May 27, 2021, the Company filed two sets of interim financial statements for the periods ended March 31, 2021 and December 31, 2020 as well as the related, management’s discussion and analysis and certifications. On June 30, 2021, the Company amended and restated the MD&As for annual period ended September 30, 2020 and the interim period ended March 31, 2021 (the “Amended and Restated MD&As“) and amended and restated interim financial statements for the period ended March 31, 2021 (the “Amended and Restated Q2 2021 FS“) and filed the Amended and Restated MD&As and the Amended and Restated Q2 2021 FS on SEDAR with accompanying certifications of re-filed annual filings (“Re-filing Certificates“). On August 30, 2021, the Company filed one set of interim financial statements for the period ended June 30, 2021 and December 31, 2020 as well as the related management’s discussion and analysis (“Q3 MD&A“) and certifications. On September 22, 2021, the Company amended and restated the interim financial statements for the period ended June 30, 2021 (the “Amended and Restated Q3 2021 FS“) and filed the Amended and Restated Q3 2021 FS on SEDAR with accompanying certifications of re-filed interim financial statements (“Q3 Re-filing Certificates“).

The Financial Statements, the MD&A, the Amended and Restated MD&As, the Amended and Restated Q2 2021 FS the Certificates, the Re-filing Certificates, the Q3 MD&A, the Amended and Restated Q3 2021 FS and the Q3 Re-filing Certificates are all available under the Company’s profile on SEDAR at www.sedar.com.

Silk Road is also pleased to announce that it will hold its next annual general and special meeting on November 30, 2021.

For further information please contact:
Silk Road Energy Inc.
Michael Judson, Director
Telephone: 514-865-5496

Cautionary Statements
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes”, an or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would” , “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company’s current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

Neither the TSX Venture Exchange nor the Canadian Securities Exchange have approved nor disapproved the contents of this news release.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98266