WASHINGTON, D.C. - TheNewswire - June 13, 2022 - Western Magnesium Corporation (TSXV:WMG.V ) ; ( Frankfurt-3WM ) ; ( OTC:MLYF) ("Western Magnesium" or the "Company") announces that the Board of Directors has elected to change the Company auditor from Dale Matheson Carr-Hilton LaBonte LLP ("DMCL") to WithumSmith+Brown, PC ("Withum").
The Board of Directors of Western Magnesium requested the resignation of DMCL and appointed Withum as the Company's independent registered public accounting firm effective May 20 th , 2022. Withum will conduct the audit in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB") (United States).
Sam Ataya, Executive President & CEO, remarked "Western Magnesium is prepared to take the global stage as a major producer of critical metals, an innovator of deeply disruptive industrial technology, and a beacon of the perseverance and ingenuity that drives the great American dream." He continued by saying "the engagement of a leading global audit firm is yet another important milestone in our remarkable journey and will allow us to work toward a NASDAQ listing this year, accompanied by investment from major institutional American capital."
Ramsey Hamady, CFO, continued, "We welcome the opportunity to work with a leading advisory, tax, and accounting services firm. This appointment is another shining example of our continued efforts to engage best-in-class partners and service providers, and to ensure the highest level of corporate transparency to all stakeholders." He further remarked that, "Senior Management spent considerable time on the selection process, and strongly believe we made the best decision for our shareholders."
The Board would like to express its sincere gratitude to the DMCL team for their professionalism and quality of services rendered to the Company over the past eight years.
There were no reservations or modified opinions in DMCL's reports on the Company's financial statements during the period that the Former Auditor acted as the Company's auditor. In addition, there are no reportable events, including disagreements, consultations or unresolved issues (as defined in National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102") between the Company and DMCL.
About Western Magnesium
Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight. Unlike outdated and costly production processes, Western Magnesium looksto use a continuous silicothermic process to produce magnesium, which significantly reduces labor and energy costs relative to current methods and processes, while being environmentally friendly.
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Safe Harbor Statement
This news release contains statements that involve expectations, plans, or intentions (such as those relating to future business or financial results), and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or under an exemption from such registration requirements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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