Vancouver, British Columbia--(Newsfile Corp. - April 28, 2020) - Philippine Metals Inc. (TSXV: PHI) ("PMI" or the "Company") is pleased to provide the following corporate update.
The Company has been advised by the TSX Venture Exchange (the "Exchange") that it does not currently meet the Continued Listing Requirements for a Tier 2 mining Issuer in accordance with Exchange Policy 2.5, Section 2.1. Therefore, the Exchange may place the Company on notice to transfer to NEX in the future, if the Company continues to not meet Tier 2 Continued Listing Requirements.
In the interim, the Company is taking several steps to meet Tier 2 Continued Listing Requirements. Firstly, in an effort to secure value for its Philippine-based precious metals projects, which are currently facing various legal challenges, the Company is seeking to sell its Philippine subsidiary in exchange for a royalty interest in the underlying projects. This would allow a new owner to advance the projects at no cost to PMI, while at the same time providing PMI with exposure to the underlying projects via a royalty interest. No agreement has been reached in connection with a possible sale, but the Company is in talks with several potential purchasers.
Secondly, the Company is actively pursuing new business opportunities to grow its asset base. This may include the acquisition of new mining properties, or possibly assets in a new industry. The Company's management and board have a broad range of expertise in finance, mergers and acquisitions, mining and other industries, and is confident that one or more new business opportunities can be secured.
On another note, the Company will be holding is Annual General Meeting on June 3, 2020 in Vancouver, BC.
Forward Looking Information
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the transactions, concurrent financings or any contemplated change to the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulations.