Vancouver, British Columbia, Aug. 08, 2022 (GLOBE NEWSWIRE) — Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) ("Spey” or the "Company”) announces that as a result of a review by the British Columbia Securities Commission (“BCSC”), we are issuing the following press release to clarify our disclosure.
The Company has been subject to a continuous disclosure review with the BCSC as a result of a cease trade order imposed on August 27, 2021 for failure of the Company to file certain disclosure documents regarding its acquisition of Tech One Lithium Resources Corp. (“Tech One”) (please see the Company’s news release dated April 26, 2021).
Amended and Restated Interim Financial Statements
The Company has amended and restated its (1) interim financial statements for the period from incorporation on March 11, 2021 to May 31, 2021 and (2) interim financial statements for the period from incorporation on March 11, 2021 to August 31, 2021 to account for the acquisition of Tech One as a reverse takeover transaction and comply with National Instrument 51-102 Continuous Disclosure Obligations (“NI 51-102”).
The amended and restated financial statements have been posted to SEDAR (www.sedar.com) under the Company’s SEDAR profile.
Amended and Restated Management Discussion and Analysis (MD&A)
The Company has amended and restated its MD&As for the interim periods ending May 31, 2021 and August 31, 2021 to correct the references to the quarterly results in the MD&As to account for the acquisition of Tech One as a reverse takeover transaction and comply with NI 51-102 and Form 51-102F1 Management’s Discussion and Analysis.
The amended and restated MD&As have been posted to SEDAR (www.sedar.com) under the Company’s SEDAR profile.
Amended and Restated Material Change Report
The Company has also amended and restated its material change report dated May 6, 2021, which was filed in connection with the Company’s acquisition of Tech One in order to provide additional disclosure required under Item 5.2 of Form 51-102F3 with respect to the acquisition, which constituted a “restructuring transaction” as that term is defined in NI 51-102.
The amended and restated material change report has been posted to SEDAR (www.sedar.com) under the Company’s SEDAR profile.
The Company has filed a technical report for its Incahuasi Project entitled “Technical Report for the Incahuasi Salar Lithium Concession, Salta Province, Argentina” (the “Technical Report”), as required under section 4.2(1)(j)(i) of National Instrument 43-101 Standards of Disclosure for Mineral Projects, to support the disclosure of the preliminary economic assessment in the Company’s July 1, 2021 corporate presentation.
The Technical Report has been posted to SEDAR (www.sedar.com) under the Company’s SEDAR profile.
Tech One Lithium Resources Corp.
Tech One’s business is the acquisition, exploration and evaluation of natural resource properties in Canada and Argentina. Tech One holds an option to acquire up to 100% of the mineral concessions of the Candela II project located within the prolific Lithium Triangle, in the Salta Province of Argentina.
About Spey Resources Corp.
Spey Resources is a Canadian mineral exploration company which holds two option agreements to acquire 100% interest in the Candela II, Pocitos I and II lithium brine projects located in the Salta Province, Argentina. Spey also holds an option to acquire a 100% undivided interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.
For more information, please contact:
Nader Vatanchi CEO, Director
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release may constitute "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release, including without limitation, statements pertaining to the timing of filing of certain disclosure documents and potential for conclusion of the BCSC’s review, are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, without limitation, regulatory, legislative, environmental and other judicial or political developments, and operational difficulties. 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. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
The CSE has neither approved nor disapproved the contents of this press release.