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LIMA, Peru, May 30, 2024 (GLOBE NEWSWIRE) -- Minera IRL Limited (“Minera” or the “Company”) (BVL:MIRL) (CSE:MIRL) (FWB:DZX) (OTCQB:MRLLF) is providing this default status report in accordance with National Policy 12-203 — Management Cease Trade Orders (“NP 12-203”) and the terms of a Management Cease Trade Order (“MCTO”) entered by the British Columbia Securities Commission (the “BCSC”) on April 3, 2024.
As previously announced the MCTO was issued for the Company’s Chief Executive Officer and its Interim Chief Financial Officer because the Company failed to file its annual audited financial statements, management’s discussion and analysis, annual information form and the required certifications (the “Annual Filings”) on or before April 2, 2024, as required by National Instrument 51-102, Continuous Disclosure Obligations, and National Instrument 52-109, Certification of Disclosure in Issuer’s Annual and Interim Filings, respectively.
In the Press Release dated April 4, 2024, we advised that the Company had experienced delays in compiling the information required to prepare the local (Peruvian) audits of its Peruvian operating subsidiaries, which are ultimately relied upon by the Company’s U.K. auditor when it audits the consolidated entities. The local audits and the issuance of the local audit reports have now been completed, and our U.K. auditor continues to consolidate the data from these reports with that of the parent company. The Company’s expectation is to receive the U.K. auditor’s report and meet the revised date stated in the press release dated May 16, 2024.
Pursuant to NP 12-203, the Company must file bi-weekly default status reports in the form of news releases until the MCTO is revoked.
Accordingly, the Company confirms that since the Default Announcement:
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There have been no changes to the information contained in the Company’s April 4, 2024, press release announcing the default (the “Default Announcement”) other than the revised date for the Annual Filings to be submitted.
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There have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative information reporting guidelines under NP 12-203.
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There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and
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There have been no material changes in respect of the Company’s affairs that have not been generally disclosed.
During the MCTO, the general investing public will continue to be able to trade in the Company's common shares listed on the Canadian Securities Exchange. However, the Company's Chief Executive Officer and Interim Chief Financial Officer will not be able to trade in the Company's shares until the Annual Filings have been filed and the Executive Director of the BCSC revokes the MCTO.