Greenland Resources Provides Update on Filing of Annual Financial Statements

TORONTO, July 30, 2020 (GLOBE NEWSWIRE) — Greenland Resources Inc. (“Greenland Resources” or the “Company”) announces that the Company will be relying on the temporary 45 day extension to the filing deadline of its annual financial statements and management’s discussion and analysis (“MD&A”) for the year ended March 31, 2020 granted by the Ontario Securities Commission in response to COVID-19 pursuant to Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements of the Ontario Securities Commission (the “Blanket Exemption Order“). The Blanket Exemption Order states that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings as a result of the COVID-19 pandemic. 

Recent global events pertaining to COVID-19 have impacted the Company, its employees and its directors’ ability to rely on timely information for its financial reporting obligations.  As per National Instrument 51-102, Continuous Disclosure Obligations, the Company was to file its annual financials and MD&A by July 29, 2020. Relying on the Blanket Exemption Order affording the Company an additional 45 days from the deadline to file, the Company expects to file its Annual Filings on or before September 12, 2020.

The Company is continuing to work diligently with its auditors to file the Annual Filings by the extended deadline of September 12, 2020.

There have been no undisclosed material business developments since the date of the last interim financial report was filed.

The Company acknowledges that 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 (National Policy 11-207), until the second trading day after the Annual Filings have been disclosed.

About Greenland Resources Inc.

Greenland Resources is a Canadian reporting issuer regulated by the Ontario Securities Commission, focused on the acquisition, exploration and development of mineral properties in Greenland. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) as well as our Canadian regulatory filings on Greenland Resources’ profile at www.sedar.com.
  
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CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, the availability of financing, the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the ability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects and restrictions of COVID-19 on labour and international travel and supply chains, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates including the costs of operations in remote mountainous environments, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.