Bankers Announces Share Consolidation and Late Filing of Its Annual Financial Statements Due to COVID-19 Pandemic
Bankers Cobalt Corp |Suite 1080, 789 West Pender Street, Vancouver, B.C., Canada, V6C 1H2 1
BANKERS ANNOUNCES SHARE CONSOLIDATION AND LATE FILING OF ITS
ANNUAL FINANCIAL STATEMENTS DUE TO COVID-19 PANDEMIC
Vancouver, British Columbia - (April 24, 2020) – Bankers Cobalt Corp. (TSXV: BANC; FSE:
BC2; OTCQB: NDENF) (the “Corporation” or “Bankers”) announced today it plans to
consolidate all of its issued and outstanding common shares (each, a “Common Share”, the
“Common Shares”) on the basis of ten (10) existing Common Shares for one (1) new Common
Share (the “Consolidation”). The Corporation further announces that due to logistics and delays
caused by the unprecedented outbreak of coronavirus (COVID-19), the Corporation will not be
filing its annual financial statements, management’s discussion and analysis and related
certifications for its financial year ended December 31, 2019, on or before April 29, 2020, being
the date that such filings are due.
Share Consolidation
Upon completion of the Consolidation, the Corporation is expected to have 11,587,466 issued and
outstanding Common Shares. No fractional shares will be issued as a result of the Consolidation
and all fractional interests will be rounded down to the nearest whole number of Common Shares.
Each shareholder’s percentage of ownership in the Corporation and proportional voting power will
remain unchanged after the Consolidation, except for minor changes and adjustments resulting
from the treatment of fractional shares.
Management of the Corporation believes that the proposed Consolidation will position the
Corporation to gain greater exposure to investors that are not willing to trade equity stocks below
a certain threshold and will increase its liquidity.
The Corporation does not intend to change its name or its current trading symbol in connect with
the proposed Consolidation. The Consolidation is subject to all necessary regulatory approvals.
Bankers will confirm the effective date of the Consolidation and other pertinent details, including
the new CUSIP and ISIN as a result of the Consolidation, in a subsequent news release.
Late Filing of Annual Financial Statements due to COVID-19 pandemic
The Corporation will be relying on Temporary Exemption from Certain Corporate Finance
Requirements (“BCI 51-515”), enacted by the British Columbia Securities Commission
(“BCSC”), providing relief consisting of a 45-day extension for certain regulatory filings required
to be made on or prior to June 1, 2020 as a result of the COVID-19 pandemic.
Bankers will be relying on the temporary exemption pursuant to BCI 51-515 with respect to the
following:
- the requirement to file audited financial statements for the financial year ended December 31,
2019 ("Financial Statements") within 120 days of the Corporation's financial year end as
required by section 4.2(b) of National Instrument 51-102 Continuous Disclosure Obligations (“NI
51-102”);
- the requirement to file management’s discussion and analysis for the financial year ended
December 31, 2019 ("MD&A") within 120 days of the Corporation's financial year end as
required by section 5.1(2) of NI 51-102; and
- the requirement to file certifications of annual filings (together with the Financial Statements and
MD&A, the “Annual Filings”) pursuant to section 4.1 of National Instrument 52-109 Certification
of Disclosure in Issuers’ Annual and Interim Filings and Section 4.2(b) of NI 51-102.
Bankers Cobalt Corp |Suite 1080, 789 West Pender Street, Vancouver, B.C., Canada, V6C 1H2 2
The Corporation’s management and other insiders are subject to a trading black-out policy that
reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders
and Revocations in Multiple Jurisdictions until the Annual Filings have been completed.
The Corporation continues to work diligently with its auditors and plans to complete the Annual
Filings on or before June 15, 2020.
The Corporation confirms that there have been no material business developments since the date
of filing of its interim financial statements for the period ended September 30, 2019, other than
those disclosed in this news release.
About Bankers
Bankers is a natural resource company with a primary focus on the acquisition, exploration,
development and operation of cobalt and copper mineral projects in the DRC. Bankers holds rights
to nine mineral projects strategically located in the southern DRC CopperBelt. Bankers has the
intention to acquire interests in additional concessions or relinquish concessions in the normal
course of business. Bankers has an experienced management team in the southern CopperBelt of
the DRC.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
“Stephen Barley”
Chairman & CEO
For further information:
Phone: (604-834-2968)
Email: [email protected]
Website: www.bankerscobalt.com
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” within the meaning of applicable securities laws including,
without limitation, statements relating to the timing and completion of the Consolidation and Annual Filings and other
factors beyond the Corporations’ control. Although the Corporation believes considering the experience of its officers
and directors, current conditions and expected future developments and other factors that have been considered
appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should
not be placed on them as the Corporation can give no assurance that they will prove to be correct. Actual results and
developments may differ materially from those contemplated by these statements. The statements in this press release are
made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of the Corporation its securities, or its financial or operating results.