Pacific Rim Cobalt Corp. Requests Management Cease Trade Order to Allow for Finalization of Pending Annual Financial Statements and Management’s Discussion and Analysis
Pacific Rim Cobalt Corp. Requests Management Cease Trade Order to Allow for Finalization of Pending
Annual Financial Statements and Management’s Discussion and Analysis
May 1, 2019 – Vancouver, BC: Pacific Rim Cobalt Corp. (the “ Company”) announces that it has requested
and obtained a temporary Man agement Cease Trade Order (“ MCTO”) from the British Columbia
S e c u r i t i e s C o m m i s s i o n ( “BCSC”) in connection with the Company’s filing of its audited annual financial
statements and MD&A for the financial year ended December 31, 2018.
The Company obtained the MCTO in order to secure additional tim e to consolidate financial information
from Indonesia in connection with an Indonesian subsidiary controlled by the Company (TNM, more
particularly described below). During the financial year ended December 31, 2018, the Company’s wholly‐
owned subsidiary Cobalt Power (Asia) Ltd. (“CPA”) acquired control of 100% of the equity securities of
Mineral Harvest Ltd. (“ MHL”). MHL holds a 65% equity interest in PT. Tablasufa Nickel Min ing (“TNM”),
w h i c h i s t h e s o l e o w n e r o f t h e C y c l o p s C o b a l t P r o j e c t ( t h e “Project”). The Project is more particularly
described in the Company’s December 8, 2017 technical report filed at www.sedar.com. Pursuant to a
Conditional Sale of Shares and Purchase Agreement (the “Agreement” ) b e t w e e n C P A a n d T N M d a t e d
June 15, 2017, CPA has the right to acquire TNM, and consequent ly TNM’s ownership of the Project, in
c o n s i d e r a t i o n o f a s e r i e s o f s t a g e d c a s h p a y m e n t s . F o r m o r e i n formation in respect of the Agreement
please refer to the Company’s Oc tober 19, 2017 Listing Statemen t filed October 24, 2017 at
www.sedar.com.
Pursuant to ongoing negotiations between the Company and the eq uity owners of TNM, the 100% equity
interest in MHL was transferred to the Company in order to incr ease the Company’s possessory interest
i n t h e P r o j e c t . I n c o n s i d e r a t i o n o f t h e t r a n s f e r o f M H L , t h e C ompany agreed to make installment
payments of US$10,000 per month to the beneficial owner of the remaining 35% interest in TNM,
US$80,000 of which has been paid to date (the “ Transfer Payments”). In connection with its acquisition
of MHL, CPA was given sole and exclusive authority to amend the terms of the Agreement, including
payment terms. The Company’s current expectation in respect of the payments due under the Agreement
is that (i) the existing payment schedule will be extended and (ii) the Transfer Payments will be deducted
from the amounts payable, however the Company has yet to determ ine its preferred structure in respect
of payment and related amendments to the Agreement.
By way of background and as required by the BCSC, please note the following:
1. The Company is required to file its December 31, 2018 audited annual financial statements,
management’s discussion and analysis and the applicable CEO and CFO certifications in respect of
such filings (collectively the “Annual Filings”) all in accordance with IFRS by April 30, 2019 (the
“Filing Deadline”), as required pursuant to National Instrument 51‐102 Continuous Disclosure
Obligations. The Company does not anticipate that it will be able to complete its Annual Filings on
or before the Filing Deadline.
2. The Company and its auditors are working diligently to prepare and file the Annual Filings, on or
before June 30, 2019.
3. The Company confirms that it intends to issue a status report o n a bi‐weekly basis, for as long as
it remains in default of the Filing Deadline in respect of the Annual Filings.
4. There is no other material information concerning the affairs o f the Company that has not been
generally disclosed.
The Company has imposed an insider trading blackout pending the filing of the Annual Filings, and will
comply with the alternative information guidelines described in National Policy 12‐203 Management
Cease Trade Orders during such period.
The Company also announces that M rs. Leah Hodges has resigned a s Corporate Secretary effective April
26, 2019, Mr. Steve Vanry, CFO and a director of the Company, ha s b e e n a p p o i n t e d t o r e p l a c e M r s .
Hodges.
On behalf of the Board of Directors,
Pacific Rim Cobalt Corp.
“Ranjeet Sundher”
Ranjeet Sundher
CEO and Director
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian‐based exploration company focu sed on the acquisition and development
of production grade nickel and cobalt deposits, key raw materia l i n p u t s f o r t h e g r o w i n g l i t h i u m ‐ i o n
battery industry. Visit https://pacificrimcobalt.com/ to find out more.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO
(604) 922‐8272
Steve Vanry – CFO & Director
(604) 922‐8272
Sean Bromley – Director & Investor Contact
(778) 985‐8934
Reader Advisory
This news release may contain statements which constitute “forw ard‐looking information” that are
subject to risks and uncertainties. All statements herein, othe r than statements of historical fact, are to be
considered forward‐looking, including statements regarding the plans, intentions, beliefs and current
expectations of the Company, its directors, or its officers wit h respect to the future business activities of
the Company and with respect to the results of exploration and prospective plans in regards to the Cyclops
project. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”,
“ e x p e c t ” a n d s i m i l a r e x p r e s s i o n s , a s t h e y r e l a t e t o t h e C o m p a n y, or its management, are intended to
identify such forward‐looking statements. Although the Company believes the expectations expressed in
such forward‐looking information are based on reasonable assump tions, such information is not a
guarantee of future performance and actual results or developments may differ materially from those
contained in forward‐looking information. Information provided in this document is necessarily
summarized and may not contain all available material information. Although Pacific Rim Cobalt has
attempted to identify important factors that could cause actual results, performance or achievements to
differ materially from those contained in the forward‐looking s tatements, there can be other factors that
cause results, performance or achievements not to be as anticip ated, estimated or intended. Factors that
could cause actual results to differ materially from those in f orward‐looking information include, but are
not limited to, fluctuations in market prices, success of the o perations of the Company, continued
availability of capital and financing and general economic, market or business conditions. There can be no
assurances that such information will prove accurate and, therefore, readers should not place undue
reliance on forward‐looking statements. The forward‐looking sta tements in this news release are made as
of the date of this news release, and the Company does not assu me any obligation to update any forward‐
looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Ser vices Provider (as that term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of
this release.