Vancouver, British Columbia--(Newsfile Corp. - June 10, 2022) - International Battery Metals Ltd. (CSE: IBAT) (OTC Pink: IBATF) (the "Company" or "IBAT") is providing this bi-weekly status report pursuant to National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").
On June 1, 2022, the Company announced (the "Default Announcement") that, for reasons disclosed in the Default Announcement, the filing of the Company's audited financial statements, accompanying management's discussion and analysis, and related CEO and CFO certifications for the fiscal year ended January 31, 2022 (collectively, the "Annual Filings"), would not be completed by the prescribe deadline of May 31, 2021.
As a result of the delay in filing the Annual Filings, the Company's principal regulator, the British Columbia Securities Commission, granted a temporary management cease trader order (the "MCTO") effective as of June 1, 2022. The MCTO prohibits all trading by the CEO and CFO of the Company, and such other directors, officers and persons as determined by the applicable regulatory authorities, until the MCTO has been revoked.
As of the date of this press release, the Company has now satisfied all information requests of its auditors, Davidson and Company LLP (the "Auditor"), and will now convene a meeting of its Audit Committee to review the Annual Filings with the Auditor and finalize its recommendation to the Company's Board of Directors. The Company anticipates that it will be able to complete its Annual Filings by no later than Wednesday, June 15, 2022.
Pursuant to the provisions of the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement there have been no material changes to the information contained in the Default Announcement. Furthermore, there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company confirms, that since its Default Announcement, there have been no failures by it in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203.
Until the Annual Filings have been filed, the Company intends to continue to satisfy the provision of the alternative information guidelines specified by NP 12-203 by issuing bi-weekly status default repots in the form of press releases, which will also be filed on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
"Dr. John Burba"
Dr. John Burba,
CEO & Director
Tel: (778) 939-4228
Neither 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. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
Forward-looking and cautionary statements
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This release may contain statements within the meaning of safe harbour provisions as defined under securities laws and regulations.
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of the Company and certain of the plans and objectives of the Company with respect to the same. There is no assurance that the company's apparatus will be able to commercially produce lithium at the stated capacity. The purpose of the tests is to determine if it will be able to do so and successful completion of the tests cannot be assured as they are subject to risks and uncertainties associated with any new mineral processing method and characteristics of the material being processed.
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward- looking statements.
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