Pacific Rim Cobalt Corp. Provides Bi-Weekly Status Update Regarding Management Cease Trade Order
May 30 2019 - 7:00PM
Pacific Rim Cobalt Corp. (the “
Company” or
“
Pacific Rim”) announces that further to its
application for a Management Cease Trade Order
(“
MCTO”), which was granted on May 2, 2019, the
Company is required to provide bi-weekly status reports in
accordance with the alternative information guidelines in National
Policy 12-203 (the “
Guidelines”), until such time
as the Company has completed and filed its audited annual financial
statements and management’s discussion and analysis in respect of
the financial year ended December 31, 2018 (the “
Annual
Report”).
The Company reports that, since its May 2, 2019
default announcement in respect of the MCTO (the “Default
Announcement”), there has not been any failure by the
Company to fulfill its intentions with respect to satisfying the
provisions of the Guidelines, and there have been no additional
defaults subsequent to such announcement. Further, Company
management and its auditors have established a strategy and
procedure for completion of Annual Report including details of the
Company’s newly acquired Indonesian subsidiary, and will provide an
estimate as to the anticipated completion timeframe as soon as
possible. The Company’s administrative team in Jakarta, Indonesia
is assisting with compiling all books and records of newly acquired
subsidiary.
The Company advised that, due to the same
integration issues causing a delay in completing and filing the
Annual Report, that the Company’s unaudited financial statements
for the three months ended March 31, 2019, and management’s
discussion and analysis in respect thereof (the “Q1
Report”), will not be completed and filed today.
Accordingly, at the close of business today, the Company will be in
default of its Q1 Report filing obligations pursuant to National
Instrument 51-102 Continuous Disclosure Requirements. The Company
continues to work diligently to prepare the Annual Report and Q1
Report, and will continue to comply with the Guidelines until such
deficiencies are remedied.
There has been no additional material
information concerning the Company and its affairs since its
Default Announcement that has not been disclosed.
On behalf of the Board of Directors,Pacific Rim
Cobalt Corp.
“Ranjeet Sundher”
Ranjeet SundherCEO and Director
About Pacific Rim Cobalt
Corp.
Pacific Rim Cobalt is a Canadian‐based
exploration company focused on the acquisition and development of
production grade nickel and cobalt deposits, key raw material
inputs for the growing lithium‐ion battery industry. Visit
https://pacificrimcobalt.com/ to find out more.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO(604)
922-8272rsundher@pacificrimcobalt.com
Steve Vanry – CFO & Director(604)
922-8272steve@vanrycap.com
Sean Bromley – Director & Investor
Contact(778) 985-8934sbromley@investfortuna.com
Reader Advisory
This news release may contain statements which
constitute “forward-looking information” that are subject to risks
and uncertainties. All statements herein, other 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 with
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”,
“expect” and similar expressions, as they relate to the Company, 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 assumptions, 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 has attempted to identify important factors that could
cause actual results, performance or achievements to differ
materially from those contained in the forward-looking statements,
there can be other factors that cause results, performance or
achievements not to be as anticipated, estimated or intended.
Factors that could cause actual results to differ materially from
those in forward-looking information include, but are not limited
to, fluctuations in market prices, success of the operations 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 statements in this
news release are made as of the date of this news release, and the
Company does not assume any obligation to update any
forward-looking information except as required under the applicable
securities laws.
Neither the Canadian Securities Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the Canadian Securities Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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