Pambili Announces Further Delay in Filing of Annual Financial Statements
Calgary, Alberta – TheNewswire - 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 0, 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.
About Pambili Natural Resources Corporation: Pambili Natural Resources Corporation is a natural resources exploration and development company (www.pambilinrc.com) currently active in Zimbabwe and in the province of Alberta.
For further information, contact:
Pambili Natural Resources Corporation
T: 403 277 4421
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information Forward-looking statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often, but not always, identified by words such as “believes”, “may”, “likely”, “plans”, or similar words. Forward- looking statements included in this news release include statements with respect to activities in Zimbabwe. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including, but not limited to the impact of general economic conditions, industry conditions, currency fluctuations, and dependence upon regulatory approvals. The Corporation does not assume any obligation to update the forward-looking statements to reflect changes in assumptions or circumstances other than as required by applicable law.
[NOT FOR DISTRIBUTION TO U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES]