Reservoir Minerals to Amend and Re-file Its Financial Statements and MD&A for the Year Ended November 30, 2014
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/13/15 -- As the result of a review by the British Columbia Securities Commission ("BCSC"), Reservoir Minerals Inc. ("Reservoir" or "the Company") (TSX VENTURE: RMC)(PINKSHEETS: RVRLF)(BERLIN: 9RE) will amend and re-file its financial statements and management''s discussion and analysis ("MD&A") for the year ended November 30, 2014.
The Company''s statement of financial position, consolidated statements of loss and comprehensive loss, consolidated statements of cash flows and consolidated statement of changes in equity will not change from the original year-end filing. However, the Company will provide more detailed financial information about the Timok Joint Venture Entity in Note 6 of the Company''s recently filed year-end financial statements and additional disclosure in Note 15 of the year-end statements to provide the details of the financial terms of the Timok Joint Venture/Shareholders'' Agreement ("JVSA"), which was completed on March 11, 2015.
In the MD&A, the Company will provide the financial details of the JVSA, comment on the approved budget of US$18.7 million and describe the impact of that with respect to forward looking information. The Company will discuss the sole funding arrangement with Freeport, the expenditures it incurred on the Timok Joint Venture for the year ended November 30, 2014 and whether it plans to expend additional funds of its own with respect to the Timok Joint Venture.
Reservoir is committed to full and timely continuous disclosure. The Company is working diligently with its auditors to assemble the requested information and amend its year-end filings as soon as possible. Until such time as it carries out those steps, including re-filing its financial statements and MD&A, Reservoir understands that it will be placed on the BCSC''s Issuers in Default list.
About Reservoir
Reservoir Minerals Inc. is an international mineral exploration and development company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties in Europe and Africa. Reservoir operates an exploration partnership business model to leverage its expertise through to discovery.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Reservoir Minerals Inc.
Chris MacIntyre
VP Corporate Development
+1.416.703.0010
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Datum: 13.04.2015 - 05:00 Uhr
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News-ID 1350645
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