Pacific Rim Cobalt Corp. Provides Bi-Weekly Status Update Regarding Management Cease Trade Order
VANCOUVER, British Columbia, May 30, 2019 (GLOBE NEWSWIRE) -- Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim”) announces that further to its application for a Management Cease Trade Order (“MCTO”), which was granted on May 2, 2019, the Company is required to provide bi-weekly status reports in accordance with the alternative information guidelines in National Policy 12-203 (the “Guidelines”), until such time as the Company has completed and filed its audited annual financial statements and management’s discussion and analysis in respect of the financial year ended December 31, 2018 (the “Annual Report”).
The Company reports that, since its May 2, 2019 default announcement in respect of the MCTO (the “Default Announcement”), there has not been any failure by the Company to fulfill its intentions with respect to satisfying the provisions of the Guidelines, and there have been no additional defaults subsequent to such announcement. Further, Company management and its auditors have established a strategy and procedure for completion of Annual Report including details of the Company’s newly acquired Indonesian subsidiary, and will provide an estimate as to the anticipated completion timeframe as soon as possible. The Company’s administrative team in Jakarta, Indonesia is assisting with compiling all books and records of newly acquired subsidiary.
The Company advised that, due to the same integration issues causing a delay in completing and filing the Annual Report, that the Company’s unaudited financial statements for the three months ended March 31, 2019, and management’s discussion and analysis in respect thereof (the “Q1 Report”), will not be completed and filed today. Accordingly, at the close of business today, the Company will be in default of its Q1 Report filing obligations pursuant to National Instrument 51-102 Continuous Disclosure Requirements. The Company continues to work diligently to prepare the Annual Report and Q1 Report, and will continue to comply with the Guidelines until such deficiencies are remedied.
There has been no additional material information concerning the Company and its affairs since its Default Announcement that has not been disclosed.
On behalf of the Board of Directors,
Pacific Rim Cobalt Corp.
CEO and Director
About Pacific Rim Cobalt Corp.
Pacific Rim Cobalt is a Canadian‐based exploration company focused on the acquisition and development of production grade nickel and cobalt deposits, key raw material inputs for the growing lithium‐ion battery industry. Visit https://pacificrimcobalt.com/ to find out more.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO
Steve Vanry – CFO & Director
Sean Bromley – Director & Investor Contact
This news release may contain statements which constitute “forward-looking information” that are subject to risks and uncertainties. All statements herein, other than statements of historical fact, are to be considered forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company and with respect to the results of exploration and prospective plans in regards to the Cyclops project. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Information provided in this document is necessarily summarized and may not contain all available material information. Although Pacific Rim has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, success of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and the Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.