Pambili announces delay in filing of annual financial statements and application for management cease trade order
CALGARY, Canada (May 4, 2023) — Pambili Natural Resources Corporation (“Pambili” or the “Company”) (TSXV: PNN) announces that further to its news release dated April 23, 2023, it is was unable to meet the filing date of May 1, 2023 (“Filing Date”), as required under National Instrument 51-102, for filing of the following continuous disclosure documents (collectively, the “Documents”):
the Company’s Annual Audited Financial Statements for the year ended December 31, 2022,
as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure Obligations
(“NI 51-102”); andthe Company’s Management Discussion & Analysis for the year ended December 31, 2022,
as required by section 5.1(2) of NI 51-102.CEO and CFO certificates relating to the Audited Annual Financial Statements, as required by
NI 52-109
The potential default is due, in part, to business and administrative disruption experienced by the Company in respect of both its own personnel and the Company’s auditor’s inability to complete the work required to issue the Documents due to a lack of working capital.
The Company has recently secured a loan from an arm’s length third party and has now engaged its auditors to complete the work and it is expected the Documents will be filed on May 31, 2023.
Accordingly, and as a precautionary measure, and as previously disclosed on April 23, 2023, the Company has applied to the Alberta Securities Commission (“ASC”)for a Management Cease Trade Order (“MCTO”) that will prohibit the management of the Company from trading in the securities of the Company until such time as the Documents are filed. 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 impose an issuer cease trade order if the Documents are not filed in a timely fashion.