Fortem Resources Inc. (TSXV: FTM; OTCQB: FTMR) (the 'Company' or 'Fortem') announces that it has postponed filing its annual financial statements, management's discussion and analysis and annual information form for the year ended February 29, 2020 due to logistics and delays caused by the COVID-19 pandemic.
The Company is relying on exemptive relief recently granted by Canadian securities regulatory authorities that allows it to delay the filing of its annual documents required by sections 4.2 and 5.1(2) of National Instrument 51-102 by June 29, 2020. In response to the COVID-19 pandemic, securities regulatory authorities in Canada have granted a blanket exemption allowing issuers an additional 45 days to complete their regulatory filings.
The Company estimates that its 2019 annual documents will be available for filing at its earliest opportunity, which is expected to occur on or before July 13, 2020. Until such time as the 2020 annual documents are filed, the Company's management and other insiders are subject to a trading blackout that reflects the principles contained in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company relied on the relief provided by British Columbia Instrument (BCI) 51-515 and BCI 51-516 and Alberta Securities Commission Blanket Orders 51-517 and 51-518.
There have been no material business developments since the date of the last interim financial statements, filed on January 9, 2020; however, the Company has issued a news release on May 26, 2020, a copy of which is available on SEDAR at www.sedar.com.
Concurrently with the dissemination of this news release, and due to the outbreak of COVID-19, the Company filed a Current Report on Form 8-K with the Securities and Exchange Commission (the 'SEC') to avail itself of an extension to file its Annual Report on Form 10-K for the year ended February 29, 2020 (the 'Annual Report'), originally due on May 29, 2020, relying on an order (Release No. 34-88645) issued by the SEC on March 25, 2020 (which extended and superseded a prior order (Release No. 34-88318) issued on March 4, 2020) pursuant to Section 36 of the Securities Exchange Act of 1934, as amended (the 'Order'), regarding exemptions granted to certain public companies. As stated in the Current Report, the Company advised that it will be relying upon the 45-day grace period provided by the Order to delay filing of its Annual Report. The Company intends to file its Annual Report by no later than July 13, 2020, 45 days after the original due date of its Annual Report.
About Fortem Resources Inc.
Fortem is a Nevada oil and gas corporation, which holds properties in Alberta and Utah. The Company is engaged in the exploration, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and Utah in the United States. The Company is seeking North American and International expansion through an acquisition strategy.
Contact:
Michael Caetano
Tel: (403) 241-8912
Forward Looking Statements
This press release contains forward-looking statements. The use of any of the words including but not exclusive to 'anticipate', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'intends', 'should', 'believe' and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding: the ability to file the annual documents and the intention to file such documents on or prior to July 14, 2020. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because the Company can give no assurance that they will prove to be correct. Forward looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publically any forward looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Readers should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents the Company files with the SEC, available at www.sec.gov, and on the SEDAR, available at www.sedar.com.
FORTEM RESOURCES INC. 
