Battery Mineral Resources Corp. Announces Delay of Annual Filings
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Battery Mineral Resources Corp. Announces Delay of Annual Filings
Vancouver, British Columbia – (April 29, 2022) – Battery Mineral Resources Corp.
(TSXV: BMR) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Company”) announces
that it will delay the filing of its annual financial statements and accompanying
management's discussion and analysis and related CEO and CFO certificates for the
financial year ended December 31, 2021 (collectively, the " Annual Filings"). Filing
is required within 120 days of the financial year -end, under applicable Canadian
securities laws. As further described below, the Company expects to file the Annual
Filings by May 17, 2022.
Primarily, certain equity transactions related to the ESI Energy Services Inc. common
control acquisition for prior fiscal year are being restated. The Company is working
on the restatement of its 2020 financial statements and intend s to file its 2021
financial statements along with restated 2020 comparativ e information. The
restatement of the 2020 financial statements is not expected to have an impact on
cash, or loss for the period from continuing operations in the financial statements.
The Company retained PricewaterhouseCoopers LLP (“PwC”) for the 2021 y ear-end
audit and on a go-forward basis, replacing its former auditor.
As a result of the delay, the Company has submitted an application for a Management
Cease Trade Order (" MCTO") under National Policy 12 -203 – Management Cease
Trade Orders ("NP 12-203") in respect of the default, which is subject to approval
by the British Columbia Securities Commission. If granted, the MCTO would not in
any way impact the ability of shareholders and investors to engage in the trading of
BMR’s common shares.
Battery CEO Martin Kostuik states ; “BMR changed auditors as a n important part of
the many steps we are taking to prepare the Company for the transformation from a
development-stage to a cash -flowing entity. We are restating certain transaction s
related to our acquisition of ESI. PwC, our new auditors, need more time to complete
their audit given these restatements . We are confident that these a re a one -time
change in filings, that they will be finalized soon and we do not expect that they will
have any impact on cash or loss for the period from continuing operations.”
The Company expects to file the Annual Filings by May 17, 2022, and will issue a
news release once the Annual Filings have been filed. Until the Company files the
Annual Filings, it will comply with the alternative information guidelines set out in NP
12-203. The guidelines, among other things, require the Company to issue bi -
monthly default status reports, in the form of news releases, for so long as the Annual
Filings have not been filed.
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The Company confirms that, other than as disclosed in prior press r eleases 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 battery 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 Services, 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 pr ojects 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
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
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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 implie d 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 limitation, the ability of the Company to obtain sufficient
financing to complete explorati on and development activities, the ability of the
Company to complete the Debenture offering, risks related to share price and market
conditions, the inherent risks involved in the mining, exploration and development of
mineral properties, the ability of t he 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.