PNN:CC - Pambili Announces Delay in Filing of Annual Financial Statements and Application for Management Cease Trade Order
(TheNewswire)
C algary , AB - TheNewswire- May 4, 2023 - Pambili Natural Resources Corporation (“ Pambili ” or the“ Company ”) (TSXV:PNN) announces that further to its newsrelease dated April 23, 2023, it is was unable to meet the filing dateof May 1, 2023 (“ FilingDate ”), as required under National Instrument51-102, for filing of the following continuous disclosure documents(collectively, the “ Documents ”):
-
the Company’s Annual Audited Financial Statements forthe year ended December 31, 2022,
as required by section 4.2 of National Instrument 51-102 - Continuous DisclosureObligations
NI 51-102 ”); and -
the Company’s Management Discussion Analysis for theyear ended December 31, 2022,
as required by section 5.1(2) of NI 51-102. -
CEO and CFO certificates relating to the Audited AnnualFinancial Statements, as required by
NI 52-109
The potential default is due, in part, to business andadministrative disruption experienced by the Company in respect ofboth its own personnel and the Company’s auditor’s inability tocomplete the work required to issue the Documents due to a lack ofworking capital.
The Company has recently secured a loan from an arm’slength third party and has now engaged its auditors to complete thework and it is expected the Documents will be filed on May 31,2023.
Accordingly, and as a precautionary measure, and aspreviously disclosed on April 23, 2023, the Company has applied to theAlberta Securities Commission (“ ASC ”)for aManagement Cease Trade Order (“ MCTO ”) that willprohibit the management of the Company from trading in the securitiesof the Company until such time as the Documents are filed. No decisionhas yet been made by the ASC on this application. The ASC may grantthe application and issue the MCTO or it may impose an issuer ceasetrade order if the Documents are not filed in a timely fashion.
During any period of default and until filing of theDocuments, the Company intends to satisfy the provisions of thealternative information guidelines as required by National Policy12-203 Management Cease TradeOrders .
Until the Company has filed the Documents, members ofthe Company’s management and other insiders are subject to aninsider trading black-out policy as per its internal Insider TradingPolicy that is consistent with the principles in Section 9 of NationalPolicy 11-207 - Failure-to-File Cease Trade Orders and Revocations in MultipleJurisdictions . The Company confirms that, otherthan as disclosed in prior press releases and material change reports,there have been no material business developments since the filing onNovember 29, 2022 of the Company’s latest interim financial reportsfor the period ended September 30, 2022.
About Pambili Natural ResourcesCorporation: Pambili Natural ResourcesCorporation is a natural resources exploration and development company( www.pambilinrc.com ) currentlyactive in Zimbabwe and in the province of Alberta.
For further information,contact:
Pambili NaturalResources Corporation
T : 403 2774421
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Caution Regarding Forward-Looking InformationForward-looking statements - Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often, but not always, identified by words such as“believes”, “may”, “likely”, “plans”, or similarwords. Forward- looking statements included in this news releaseinclude statements with respect to activities in Zimbabwe. Theseforward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of theCorporation, including, but not limited to the impact of generaleconomic conditions, industry conditions, currency fluctuations, anddependence upon regulatory approvals. The Corporation does not assumeany obligation to update the forward-looking statements to reflectchanges in assumptions or circumstances other than as required byapplicable law.
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