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Gold/Mining/Energy : YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp
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To: Adrian du Plessis who wrote (183)6/15/1998 7:16:00 AM
From: Mr Metals  Read Replies (1) of 314
 
YBM Magnex International Inc -

Globe says auditors ask OSC for more time

YBM Magnex International Inc YBMShares issued 442229011998-05-13 close $14.35Monday Jun 15 1998The Globe and Mail reports in its Saturday, June 13, 1998 edition that the auditors for YBM Magnex International need more time before deciding whether they can sign the company's 1997 financial statements, an Ontario Securities Commission hearing was told Friday. The Globe's Karen Howlett writes that a lawyer for Deloitte & Touche says the accounting firm must complete its review of an internal YBM report before determining whether it can complete the audit. As a result the OSC adjourned, until August 10, the hearing into whether a cease trading order against YBM's shares should continue. YBM's lawyer reiterated at the hearing that an internal company report has found no illegal activity. Plus, he says, there are no smoking guns in the 20 volumes of material given to him by OSC staff. The OSC has said that Deloitte was "extremely concerned" about certain contracts YBM signed last year, as well as entities and individuals involved with it. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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