PNN:CC - Pambili Announces Potential Delay in Filing of Annual Financial Statements and Application for Management Cease Trade Order
(TheNewswire)
CALGARY, Canada – TheNewswire- (April 2 3 , 2023) – Pambili Natural Resources Corporation(“ Pambili ” or the “ Company ”) (TSXV:PNN) announces that it maybe unable to meet the filing date of 30 April (“ Filing Date ”), asrequired under National Instrument 51-102, for filing of the followingcontinuous disclosure documents (collectively, the “ Documents ”):
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the Company’s Annual Audited Financial Statements forthe year ended December 31, 2022, as required by section 4.2 ofNational Instrument 51-102 - Continuous Disclosure Obligations NI 51-102 ”);and
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the Company’s Management Discussion Analysis for theyear ended December 31, 2022, as required by section 5.1(2) of NI51-102.
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CEO and CFO certificates relating to the Audited AnnualFinancial Statements, as required by NI 51-102
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 anarm’s-length third party which has enabled it to engage its auditorsto complete the work and it is expected the Documents will be filedwithin 30 to 60 days of the Filing Date, if not before.
Accordingly, and as a precautionary measure, theCompany has applied to the Alberta Securities Commission(“ ASC ”) for a Management Cease Trade Order (“ MCTO ”) that will prohibit the management of the Company from tradingin the securities of the Company until such time as the Documents arefiled. No decision has yet been made by the ASC on this application.The ASC may grant the application and issue the MCTO, or it may imposean issuer cease trade order if the Documents are not filed in a timelyfashion.
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 ) currently active in Zimbabwe and in theprovince 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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