Battery Mineral Resources Corp. Announces Filing of Annual Filings and Restatement
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Battery Mineral Resources Corp. Announces Filing of Annual Filings and
Restatement
Vancouver, British Columbia – (May 31, 2022) – Battery Mineral Resources Corp.
(TSXV: BMR) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Company”) announces
that it has filed its audited financial statements, associated management’s discussion
and analysis, and the associated officer certifications (collectively, the “ Annual
Filings”) for the year ended December 31, 2021. The Company also filed restated
2020 fiscal year audited financial statements.
As previously announced on April 29, 2022, the Annual Filings delay resulted from
additional audit work required to restate certain 2020 fiscal year transactions,
primarily related to the ESI Energy Services Inc. (“ESI”) common control acquisition
(the “ Restatement”). The Restatement of the 2020 fiscal year audited financial
statements did not have an impact on previously reported loss for the period from
continuing operations. In summary the Restatement included, among other changes
to BMR’s 2020 financial statements, the following:
• The consolidation of ESI in the financial statements of BMR on a 100% basis;
• A reduction in total assets of approximately $5.5 million, including reclassifying
ESI from a non-current asset included in disposal group held for sale, to a
current asset included in disposal group held for sale;
• No change in total liabilities , and a $5.5 million reduction in total equity
corresponding to the aforementioned reduction in total assets;
• A reduction in the loss and comprehensive loss for the period, from
approximately ($11.4) million to approximately ($3.9) million; and
• An increase in the total cash, end of period, from approximately $4.2 million
previously reported, to approximately $14.0 million.
Readers are cautioned that the summary provided above does not include all of the
changes to the 2020 fiscal year audited financial statements. Readers can access the
re-stated 2020 fiscal year audited financial statements, as well as the Annual Filings,
under the Company's SEDAR profile at www.sedar.com.
Battery CEO Martin Kostuik states ; “While we were disappointed with the delay to
our Annual Filings which was due to additional audit work required, w e are pleased
that the Annual Filings and the Restatement have now been finalized and filed on
SEDAR. The B ritish Columbia Securities Commission, our principal regulator, has
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been informed of the filings and we anticipate that the Cease Trade Order (CTO)
currently in place will be revoked within one to two business days. Trading in BMR’s
shares will resume once that has occurred. We will provide a further update on trading
in BMR’s shares once the CTO has been revoked.”
Mr. Kostuik continued; “Restatement of filings in concert with a change in auditors is
not uncommon and we want to remind our shareholders that the Restatement and
the delay of our Annual Filings did not impact the Company’s assets or operations,
including its Punitaqui project in Chile. We look forward to sharing continued news as
we progress towards the restart of copper production and positive cash flow at
Punitaqui.”
About Battery Mineral Resources Corp.
Battery Mineral Resources (“BMR”) is a battery mineral s company providing
shareholders exposure to the global mega-trend of electrification while being focused
on growth through cash -flow, exploration, and acquisitions in favourable mining
jurisdictions. Battery Mineral’s mission is the discovery, acquisition, and development
of battery metals (namely cobalt, lithium, graphite, 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 currently pursuing a
potential near-term resumption of operations in late 2022 of the Punitaqui Mining
Complex, a past copper-gold producer, in the Coquimbo region of Chile. 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 mainline pipeline
and renewable energy 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”. Furth er 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
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.
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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, wi thout limitation, 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.