15:36:56 EST Mon 04 Mar 2024
Enter Symbol
or Name

Silver Bullet Mines Corp
Symbol SBMI
Shares Issued 62,657,962
Close 2022-10-27 C$ 0.155
Market Cap C$ 9,711,984
Recent Sedar Documents

Silver Bullet to miss annual results filing deadline

2022-10-28 18:48 ET - News Release

Mr. John Carter reports


On Oct. 21, 2022, Silver Bullet Mines Corp. announced a financing of units, whereby each unit consisted of one common share and one common share purchase warrant. Each unit is priced at 20 cents. Each common share purchase warrant has a two-year term and is exercisable at 30 cents. Silver Bullet announces the financing has received conditional stock exchange approval. The financing will close in tranches as funds are received.

A trading blackout on all company directors, management and consultants was imposed by the chair of the board, and such blackout continues. This was because the company has been provided with a steady stream of data and opinions from third parties with respect to adding a further processing facility to the existing mill in Arizona to be able to extract the recently discovered palladium, platinum, rhodium, osmium and high-grade gold, and at this time, the company is unable to determine which facts are material and which are not. This determination can only be made in the fullness of time as further facts are determined. The trading blackout is the most conservative approach to protecting the integrity of the markets and the reputations of the insiders.

During this period, the company has been working with its auditor in the normal course to prepare the company's audited financial statements and management's discussion and analysis for the year ended June 30, 2022. The likely imminent determination of which facts are material may impact the subsequent event notes for the filings. Further, the company has encountered procedural challenges in completing its first audit as an operating company, including, but not limited to, cross-border documentation. Some of these challenges were caused by COVID-19 restrictions on travel to the mill and mine sites in Arizona, and others by a local lack of familiarity with audit processes. Management sees these challenges as transitory and procedural. There are no items in disagreement, whether material or not, between the auditor and the company.

As a result, it is likely the filings will not be filed on Oct. 28, 2022. The effect of this will likely be a management cease trade order, which is the same in substance as the blackout already imposed by the chair. There is no impact upon any shareholder apart from directors, management and consultants. The company anticipates being able to file the filings very soon thereafter as the procedural challenges are remedied.

The company waited as long as possible to disseminate this press release to obtain as current input as possible from the auditor and the company's audit committee as to the timing to effect the filings.

We seek Safe Harbor.

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