Pasinex Announces Anticipated Late Filing of 2023 Annual Filings
April 22 2024 - 7:30AM
Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (the
“
Company” or “
Pasinex”),
announces today that the Company is anticipating a slight delay in
filing its annual financial statements and accompanying
management's discussion and analysis for the year ended December
31, 2023 (the "
Annual Filings"),
by the filing deadline on April 29, 2024 (the
"
Filing Deadline"), as required
by National Instrument 51-102 Continuous Disclosure Obligations.
The reason for the anticipated delay is due to a
regulatory required change in the component auditor located in
Türkiye responsible for part of the Company’s financial year 2023
audit. The new auditor has taken a longer time to complete the
audit of the Company’s joint venture (Horzum Maden Arama ve Isletme
Anonim Sirketi) caused partially by general delays in obtaining
financial information on a timely basis from the Company’s joint
venture. Pasinex will continue working closely with its auditors in
Canada and Türkiye and is making every effort to file the Annual
Filings in a timely fashion. The Company currently expects to file
the Annual Filings by May 15, 2024, and will issue a news release
announcing completion of such filing at that time.
Accordingly, the Company is applying to the B.C.
Securities Commission, as its principal regulator and other
applicable securities regulators, for a voluntary management cease
trade order (the "MCTO"). If granted, the MCTO
will stay in effect until the Annual Filings are filed. The
issuance of the MCTO, if issued, will at a minimum prohibit the
chief executive officer and chief financial officer of the Company
to trade in the Company's securities for so long as the Annual
Filings are not filed. The MCTO, if issued, does not affect the
ability of shareholders who are not insiders of the Company to
trade their securities of the Company. In the event that the MCTO
is granted, it will be in effect until the default is remedied.
The Company will comply with the alternative
information guidelines set out in National Policy 12-203 -
Management Cease Trade Order, until the Annual Filings have been
completed. The guidelines, among other things, require the Company
to issue bi-weekly default status reports, by way of a news
release, so long as the Annual Filings have not been filed, and
these will also be filed on SEDAR+.
About Pasinex
Pasinex Resources Limited is a Toronto-based
mining company that owns 50% of Horzum Maden Arama ve Isletme
Anonim Sirketi (“Horzum AS”),
through its 100% owned subsidiary Pasinex Arama ve Madencilik
Anonim Sirketi (“Pasinex Arama”).
Horzum AS holds 100% of the producing Pinargozu high-grade zinc
mine. Horzum AS sells directly to zinc smelters and or refiners
through commodity brokers from its mine site in Türkiye. The
Company also holds a 51% interest, with an option to increase to an
80% interest of a high-grade zinc exploration project, the Gunman
Project, located in Nevada. Pasinex has a strong technical
management team with many years of mineral exploration and mining
project development experience. Pasinex Resources Limited mission
is to explore and extract high grade ore to drive growth and wealth
for all of its stakeholders including shareholders, employees and
the communities of our operations, meeting all requirements in
safety, health and the environment.
Visit our website at www.pasinex.com.
On Behalf of the Board of Directors
PASINEX RESOURCES LIMITED
“Andrew Gottwald”
Andrew Gottwald |
Evan White |
Chief Financial Officer |
Manager of Corporate Communications |
Phone: +1 416.861.9659 |
Phone: +1 416.906.3498 |
Email: info@pasinex.com |
Email: evan.white@pasinex.com |
|
|
The CSE does not accept responsibility for the
adequacy or accuracy of this news release. This news release
includes forward-looking statements that are subject to risks and
uncertainties. Forward-looking statements, including those relating
to the timing of the filing of the Annual Filings and the issuance
of the MCTO and involve known and unknown risks, uncertainties, and
other factors that could cause the actual results of the Company to
be materially different from the historical results or any future
results expressed or implied by such forward-looking statements.
All statements within, other than statements of historical fact,
are to be considered forward-looking. Although Pasinex believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, including the accuracy of the timelines
communicated to the Company from the component auditors, such
statements are not a guarantee of future performance, and actual
results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, continued availability of capital and
financing, exploration results, and general economic, market or
business conditions. There can be no assurances that such
statements will prove accurate and, therefore, readers are advised
to rely on their own evaluation of such uncertainties. We do not
assume any obligation to update any forward-looking
statements.
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