CALGARY, Canada (June 30, 2023)—Pambili Natural Resources Corporation (“Pambili” or the “Company”) (TSXV: PNN) announces that further to its news release dated June 15, 2023, the Company has finally been able to file its audited financial statements for the year ended Dec. 31, 2022. It is expected that the Management Cease Trade Order (“MCTO”) issued by the Alberta Securities Commission (”ASC”) on May 5, 2023, will now be lifted.
As stated in our previous news release the principal reason for the delay was the inability of the Company's external auditors to complete the audit within the required timelines, partly because of the delay in payment of their fees which have now been settled but also because of the late receipt of certain information from Zimbabwe.
Pambili Chief Executive Officer (CEO) Jon Harris stated: “In all my years as a director of public companies this has been the most difficult audit I have experienced and, notwithstanding late payment of retainers, it staggers me that it has taken this long since the initial meeting with the auditors in February, to complete what should have been a routine audit for a company of our size. We will immediately start a review of our internal procedures as well as the audit process itself and take the necessary action to ensure these delays do not happen again.
I would like to thank our shareholders for their patience during this period and, now that the ordeal is over, we can get back to focusing on our mining activities in Zimbabwe.”
2022 Financial Statement filed with SEDAR