Battery Mineral Resources Corp. Announces Cease Trade Order Issued by the British Columbia Securities Commission
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Battery Mineral Resources Corp. Announces Cease Trade Order Issued by
the British Columbia Securities Commission
Vancouver, British Columbia – (May 6, 2022) – Battery Mineral Resources Corp.
(TSXV: BMR) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Company”) announces
that the Company has been issued a cease trade order (“ CTO”) by the British
Columbia Securities Commission (“BCSC”) for missing the filing deadline of May 2,
2022 for the following periodic disclosure documents (collectively “Annual Filings”):
• the audited annual financial statements for the year ended December 31,
2021;
• the management’s discussion and analysis relating to the audited annual
financial statements for the year ended December 31, 2021; and
• the CEO an d CFO certifications for the annual filings for the year ended
December 31, 2021 required by National Instrument 52-109 – Certification of
Disclosure in Issuers’ Annual and Interim Filings.
As previously announced on April 29, 2022 , the Annual Filings dela y results from
additional audit work required to restate certain 2020 fiscal year transactions,
primarily related to the ESI Energy Services Inc. common control acquisition. The
Company intends to file its 2021 financial statements along with restated 2020
comparative information. The restatement of the 2020 financial statements is not
expected to have an impact on cash or reported loss from continuing operations for
the period.
BMR retained PricewaterhouseCoopers LLP (“PwC”) for the 2021 year-end audit and
on a go-forward basis. BMR continues to work with PwC to complete the Annual Filings
as soon as possible and expects to file the Annual Filings by May 17, 2022 . At that
time, a news release will be issued indicating that th e Annual Filings have been
submitted. Upon filing the Annual Filings, the Company expects that the CTO will be
revoked within one to two business days (in Canada), as is the customary practice.
In the interim, the Company continues to operate normally and without disruption.
Battery CEO Martin Kostuik states; “While we are disappointed with the delay to our
Annual Filings as a result of additional audit work required, we are confident that the
Annual Filings will be filed soon and that the CTO will be revoked very shortly
thereafter. We will keep shareholders appraised of our progress on these matters .
Restatement of filings in concert with a change in auditors is not uncommon. Most
importantly, we want to remind our shareholders th at the restatements and the
resulting delay of our Annual Filings do not impact the Company’s assets or
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operations, including its Punitaqui project in Chile , and we look forward to sharing
continued progress towards the restart of copper production and positive cash flow.”
Despite the CTO, a beneficial security holder of the Company who is not, and was not
at the date of the CTO, an insider or control person of the Company, may sell
securities of the Company acquired before the date of the CTO if the following apply:
(a) the sale is made through a “foreign organized regulated market”, as defined in
section 1.1 of the Universal Market Integrity Rules of the Investment Industry
Regulatory Organization of Canada; and (b) the sale is made through an investment
dealer registered in a jurisdiction of Canada in accordance with applicable securities
legislation. Holders of the Company's securities are urged to consult with their own
investment advisors or legal counsel about the implications of the CTO.
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, 2021 of the Company’s latest interim financial reports for
the period ended September 30, 2021.
About Battery Mineral Resources Corp.
Battery Mineral Resources (“BMR”) is a battery mineral company focused on growth
through cash-flow, exploration, and acquisitions in favourable mining jurisdictions.
BMR is currently developing the Punitaqui Mining Complex, a past copper -gold
producer, in the Coquimbo region of Chile and pursuing a potential near -term
resumption of operations in late 2022. Battery Mineral’s mission is the discovery,
acquisition, and development of batt ery metals (namely cobalt, lithium, graphite,
nickel, and copper), in North America, South America and South Korea, to become a
premier and responsible supplier of battery minerals to the electrification
marketplace. BMR is the largest mineral claim holder in the historic Gowganda Cobalt-
Silver Camp in Ontario, Canada, and continues to pursue a focused program to build
on the recently announced, +1 -million-pound high-grade cobalt resource at McAra.
In addition, Battery Mineral owns 100% of ESI Energy Servic es, Inc. a profitable
pipeline equipment rental and sales company with operations in Alberta, Canada and
Arizona, USA. Battery Minerals Resources is based in Canada and its shares are listed
on the Toronto Venture Exchange under the symbol “BMR” and on the OTCQB under
the symbol “BTRMF”. Further information about BMR and its projects can be found
on www.bmrcorp.com.
For more information, please contact:
Martin Kostuik, CEO
Phone: +1 (604) 229 3830
Mars Investor Relations
+1 (604) 335-1976
Twitter: @BMRcorp_
www.bmrcorp.com
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Neither the TSXV nor its Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or accuracy of this
press release.
Forward Looking Statements
This news release includes certain “forward -looking statements” under applicable
Canadian securities legislation. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ materially from
those anticipated in such statements. Forward-looking statements reflect the beliefs,
opinions and projections of the Company on the date the statements are made and
are based upon a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies. Many factors, both
known and unknown, could cause actual results, performance, or achievements to be
materially different from the results, performance or achievements that are or may
be expressed or implied by such forward -looking statements and the parties have
made assumptions and estimates based on or related to many of these factors. Such
factors include, without limit ation, the ability of the Company to obtain sufficient
financing to complete exploration and development activities, timing of the
completion of the Company’s audit , risks related to share price and market
conditions, the inherent risks involved in the mining, exploration and development of
mineral properties, the ability of the Company to meet its anticipated development
schedule, government regulation and fluctuating metal prices. Accordingly, readers
should not place undue reliance on forward-looking statements. Battery undertakes
no obligation to update publicly or otherwise revise any forward -looking statements
contained herein, whether as a result of new information or future events or
otherwise, except as may be required by law.