Management Cease Trade Order

Cabo Drilling Corp. (TSX-V:CBE)

 

(“Cabo” or the “Company”) announces that the Company has applied for and received a Management Cease Trade Order (“MCTO”) effective October 31, 2017.  Application for the MCTO was made anticipating the Company would default in meeting the filing deadline for its audited annual financial statements, management discussion and analysis (MD&A) and CEO and CFO certificates for the year ended June 30, 2017 (the “Required Annual Filings”). The Company had anticipated completing the Required Annual Filings by October 30, 2017; however, circumstances have forced the Company to revise this to not later than November 6, 2017.

The Company intends to satisfy the provisions of the alternative information guidelines set out in sections 4.3 and 4.4 of National Policy 12-203 so long as the Required Annual Filings are outstanding. The Company confirms that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The MCTO will remain in effect until the Company is no longer in default with respect to its filing requirements and the British Columbia Securities Commission lifts the cease trade order. About Cabo Drilling Corp. (TSX-V:CBE)Cabo Drilling Corp. is a drilling services company headquartered in New Westminster, British Columbia, Canada.  The Company provides mining specialty drilling services through its divisions in Kirkland Lake, Ontario, Canada, with branches in Surrey, British Columbia and Springdale, Newfoundland; as well as Cabo Drilling (America); Cabo Drilling (Panama) Corp.; Balkan States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling (International) Inc.  The Company’s common shares trade on the Frankfurt Exchange under the symbol: DHL and on the TSX Venture Exchange under the symbol: CBE ON BEHALF OF THE BOARD

“John A. Versfelt” John A. Versfelt President and CEO

Further information about the Company can be found on the Cabo Drilling website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-527-4201.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.  This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results may differ materially from those currently anticipated in such statements. 

CONTACT:  John A. Versfelt, Chairman, President and CEO

Telephone: [phone]Facsimile: [phone] e-mail: [e-mail] site: www.cabo.ca