Pambili Natural Resources Corporation V.PNN

From NR nov 3th

[Sapwood]

The Corporation currently does not meet Tier 2 Continued Listing Requirements (“CLR”) in accordance with Exchange Policy 2.5, section 2.1 and has been given notice to meet CLR within 90 days of reinstatement (the “Notice Period”) or may be transferred to the NEX exchange.

The Corporation will initially need to raise sufficient working capital to meet the CLR and, depending on the terms of any agreement, expects to then have to raise further capital through a public offering. These requirements will be set out in more detail in any press release announcing a proposed transaction.

Pennine is now able to advance these discussions with a view to signing a heads of terms of an agreement for a proposed transaction, which will be subject to a TSX-V review.

From TSX.com site

Tier 2 Continued Listing Requirements.....

For Mining or Oil and Gas Activity :
either A or B below: A) For the Issuer’s most recently completed financial year: i) positive cash flow; ii) significant operating revenue; or iii) $50,000 of exploration or development expenditures. B) In aggregate, for the Issuer’s two most recently completed financial years, $100,000 of exploration or development expenditures.

[stocktrader2021]

They have 90 days to fulfill this requirement. They still have almost 60 days remeaining, I dont think this could be the reason for today's halt.

[Sapwood]

And it is said that the company will initially need to raise capital.