Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF, TSX-V:BHLI) said it expects to be in a position to issue delayed final results no later than 28 August.
It said the delay is due to the fact that it changed auditor to PKF Littlejohn earlier this month.
Because KPMG, which has been the company's auditor since 2009, is not a participating auditor firm with the Canadian Public Accountability Board (CPAB), it was asked to resign due to Bradda being required to retain a CPAB auditor as part of its listing on the TSX Venture Exchange.
While it said its timetable for publishing the financial statements required under AIM rules will not be impacted, considering the foregoing factors, it argued that if the required filings in Canada are not filed by 28 June, then it should only warrant a management cease trade order (CTO), which prevents the company’s management from trading in the shares until the results are published. The company said it has applied for a management CTO.
“The company proposes to remedy the default working with its new auditor to ensure the filing of its required filings as soon as possible,” it said.