Canadian Regulatory Announcement: Agreement regarding Late Filing of Annual Financial Statements and Application for Management Cease Trade Order
The Company has today published the following announcement in Canada regarding the timing for release of its Financial Statements for the year ended 28 February 2023. This will not impact on the deadline for publishing the Financial Statements as required under AIM Rule 19.
BRITISH VIRGIN ISLANDS / ACCESSWIRE / June 28, 2023 /Bradda Head Lithium Limited (AIM:BHL, TSXV:BHLI, OTCQB:BHLIF) ("Bradda Head" or the "Company") announces the Company's potential delay in filing its annual financial statements for the year ended February 28, 2023 and related management discussion and analysis (collectively, the "Financial Statements") and the CEO and CFO certificates relating to the Financial Statements (the "Required Filings") beyond the prescribed filing deadlines.
The Company's potential delay in filing its Required Filings on time is due to the fact that it has engaged PKF Littlejohn LLP as new auditors, as announced in the Company's news release dated June 13, 2023 and the Notice of Change of Auditors filed on the Company's profile on SEDAR on June 19, 2023.
Considering the foregoing factors, it is the Company's view that should the Required Filings not be filed by June 28, 2023, then the present circumstances warrant the imposition of a management cease trade order ("Management CTO"), rather than a cease trade order ("CTO"), as contemplated under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The Company has applied for a Management CTO.
The Company proposes to remedy the default working with its new auditor to ensure the filing of its Required Filings as soon as possible. The Company expects to be in a position to issue and file the Required Filings by no later than August 28, 2023. The Company confirms that the filing extension does not impact on its reporting timetable, as required under AIM Rules.
The Company therefore fully expects to file its Required Filings prior to the end of the period prescribed by NP 12-203. The Company has confirmed that it intends to satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12-203 for so long as it remains in default for failure to file the Required Filings. Should the Company fail to file the appropriate Default Status Reports as prescribed by NP 12-203, the securities commissions or regulators may, as a result of such failure, impose a CTO.
The Company confirms that it is not subject to any insolvency proceeding as of the date hereof. The Company also confirms that there is no other material information concerning the affairs of the Company that have not been generally disclosed as of the date herein. The Board and the Audit and Risk Committee confirmed that there are no disagreements or unresolved matters between KPMG and the Company relating to the proposed change of Auditor, and no other matters in respect of the change of Auditor that need to be brought to the attention of the Shareholders.
AboutBradda Head Lithium
Bradda Head Lithium Ltd. is a North America-focused lithium development group. The Company currently has interests in a variety of projects, the most advanced of which are in Central and Western Arizona: The Basin Project (Basin East Project, and the Basin West Project) and the Wikieup Project.
The Basin East Project has an Indicated Mineral Resource of 21.2 Mt at an average grade of 891 ppm Li and 3.5% K for a total of 100 kt LCE and an Inferred Mineral Resource of 73.3 Mt at an average grade of 694 ppm Li and 3.2% K for a total of 271 kt LCE.
In the rest of the Basin Project SRK has estimated an Exploration Target of between 300 to 1,300 Mt of material grading between 600 to 850 ppm Li which is equivalent to a range of between 1 to 6 Mt LCE. The Group intends to continue to develop its three phase one projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona, Nevada, and Pennsylvania. All of Bradda Head's licences are held on a 100% equity basis and are in close proximity to the required infrastructure.
Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker of BHL, on the TSX Ventures exchange with a ticker of BHLI, and on the US OTCQB market with a ticker of BHLIF.
For further information, please contact:
Bradda Head Lithium Limited
+44 (0) 1624 639 396
Charlie FitzRoy, CEO Denham Eke, Finance Director
Beaumont Cornish (Nomad) James Biddle/Roland Cornish
This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.
Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in African Energy Metals' periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
Forward-looking statements include those in relation to the filing of the Required Filings and the anticipated timing thereof. Although African Energy Metals believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can't make any assurances that its expectations will be achieved. Such assumptions may prove incorrect. Forward looking statements are necessarily based upon a number of estimates, and assumptions (including the receipt of regulatory approvals) that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements.
The forward-looking statements in this news release are made as of the date of this news release, and African Energy Metals disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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