Pambili announces further delay in filing of annual financial statements
CALGARY, Canada (May 25, 2023)—Pambili Natural Resources Corporation (“Pambili” or the “Company”) (TSXV: PNN) announces that further to its previous news release dated April 21, 2023, it was unable to meet the filing date of 30 April (“Filing Date”), as required under National Instrument 51-102, and is still working with its auditors 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”); and
the 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 51-102
As stated previously, the default was 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.
Using the proceeds of a loan from an arm’s-length third party, the Company continues to work with its auditors and accountants and it is expected the Documents will be filed within 60 days of the Filing Date, if not before.
On May 5, 2023, the Alberta Securities Commission (“ASC”) issued a Management Cease Trade Order (“MCTO”) that prohibits the CEO and CFO of the Company from trading in the securities of the Company until such time as the Documents are filed. During this period of default and until filing of the Documents, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 Management Cease Trade Orders.
The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on November 29, 2022, of the Company’s latest interim financial reports for the period ended September 30, 2022.