In This Article:
Orlando, Florida--(Newsfile Corp. - August 30, 2024) - Atacama Resources International Inc. (OTC Pink: ACRL) (the "Company") announces the resignation of Chief Executive Officer Glenn Grant. He and the Board of Directors felt that this action was necessary to meet the requirements of the Alberta Securities Commission ("ASC") to expedite the path toward removing the Cease Trade Order ("CTO") levied against the Company.
Since July 27, 2018, the Company has been subject to the CTO. The original path toward revocation included providing the ASC with audited financial statements over the past two years and maintaining appropriate disclosures in Canada.
The Company sent over 1000 pages to appropriately respond to the ASC's comments. Upon receipt of these responses, the ASC indicated that it was pausing further review as a result of a pending action by the Enforcement Division of the ASC. The Company has been in negotiations with the ASC's Enforcement Division regarding purported breaches of the CTO. The ASC is currently proceeding with a Notice of Hearing against the Company.
Mr. Grant has chosen to step down from all positions within the Company. New management and directors shall be announced shortly.
"I am extremely proud of the new additions to the Board of Directors and Management. I am convinced this is a good move for the company because, as the roles of the management team expand, they will showcase their skills to the company and deliver for the shareholders. The new Board lineup and officer slate are strong," Grant says. "This had to happen to get us closer to getting the Cease Trade Order revoked. Once the CTO has been revoked, Canadians, who may know the promise of our properties best due to their closer proximity, will be able to purchase shares once again," he adds.
Former Chief Operating Officer Dan Finch and now-resigned Chief Executive Officer Glenn Grant were asked to rejoin Atacama in 2022. They made the decision to aim to get the Cease Trade Order revoked by meeting the ASC's requirements for revocation regardless of time, effort, and expense. They and the current management team felt the 2400+ shareholders deserved this management action.
Grant's resignation as Chairman and Director of the Atacama Board of Directors, and as CEO and President of the company, was made effective August 27, 2024. He is a major shareholder of the company.
Atacama Resources International remains committed to maintaining transparency, delivering shareholder value, and advancing its position as an innovative force in mineral exploration.