Edison Lithium Corp. Announces Late Filing of Annual Financial Statements and Management Cease Trade Order
Vancouver, January 31, 2022 - Edison Lithium Corp. (TSXV: EDDY) (OTCQB: EDDYF) (FSE: VV0) ("Edison" or the "Company") announces today that it was not able to file its audited annual financial statements for the fiscal year ended September 30, 2021, and its related management's discussion and analysis, and its Form 52-109FVI CEO and CFO Certification of Annual Filings (collectively, the "Required Annual Filings") on or before the prescribed deadline of January 28, 2022 (the "Prescribed Deadline").
The Company is working expeditiously with its auditor and making every effort to file the Required Annual Filings on or before February 11, 2022.
In connection with the late filing, the Company applied to the British Columbia Securities Commission (the "BCSC") and other applicable securities regulators under National Policy 12-203, Management Cease Trade Orders ("National Policy 12-203"), requesting that a management cease trade order (an "MCTO") related to the Company's securities be imposed against some or all persons who have been directors, officers, or insiders of the Company. The MCTO would prohibit such specified persons from trading in the securities of the Company for such time as the Required Annual Filings are not filed and the MCTO remains in force. The issuance of an MCTO does not generally affect the ability of persons who are not directors, officers, or other insiders of the Company to trade in the Company's securities.
The BCSC has considered the Company's application for and has granted an MCTO.
The Company confirms that it intends to satisfy the provisions of section 10 of National Policy 12-203 and issue bi-weekly default status reports for so long as the Company remains in default of the financial statement filing requirement. Such report will disclose any changes to the information contained in this news release (or subsequent default status reports) that would reasonably be expected to be material to an investor, including a description of all actions taken to remedy the default and the status of any investigations into any events which may have contributed to the default; particulars of any failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of section 10 of National Policy 12-203; information regarding any (anticipated) specified default subsequent to the Company's failure to file the Required Annual Filings by the Prescribed Deadline; and subject to section 11 of National Policy 12-302, any other material information concerning the affairs of the Company that has not been generally disclosed.
Sincerely,
Nathan Rotstein
Chief Executive Officer and Director
James Richardson
Chief Financial Officer and Director
About Edison Lithium Corp.
Edison Lithium Corp. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium, and other energy metal properties. The Company's acquisition strategy is based on acquiring affordable, cost-effective, and highly regarded mineral properties in areas with proven geological potential. Edison is building a portfolio of quality assets capable of supplying critical materials to the battery industry and intends to capitalize on and have its shareholders benefit from the renewed interest in the battery metals space.
On behalf of the Board of Directors:
"Nathan Rotstein"
Nathan Rotstein
Chief Executive Officer and Director
For more information please contact:
Tel: 416-526-3217
Email: info@edisonlithium.com
Website: www.edisonlithium.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "Forward-looking Statements"). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. Some of the Forward-looking Statements contained in this press release relates to the Company's ability to complete the Required Annual Filings and continue to satisfy the information guidelines set out in National Policy 12-203. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that may cause the actual filing time of the Required Annual Filings to be materially different from the estimated future filing time or that prevent the Company from complying with the requirements of National Policy 12-203 and the Forward-looking Statements are not guarantees of future performance. Any Forward-looking Statement included in this news release is made as of the date of this news release and, except as required by law, the Company disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112038
