Supreme Critical Metals Inc. Announces Late Filing of Annual Financial Disclosure
- None.
- Company is experiencing working capital deficit indicating financial distress
- Unable to engage auditors due to financial constraints
- Will default on regulatory filing obligations
- Management may face trading restrictions through MCTO
VANCOUVER, BC / ACCESS Newswire / June 20, 2025 / Supreme Critical Metals Inc. (CSE:CRIT)(FWB:VR61)(OTC PINK:VRCFF) ("Supreme" or the "Company") today announces that the filing of its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended February 28, 2025 (the "Required Filings"), will be delayed beyond the filing deadline of June 27, 2025, and as a result will be in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations. The delay in the completion of the Required Filings is as a result of its current working capital deficit. As a result of the Company's current financial position, the Company's auditor has not been engaged and has not been able to begin its audit work required to complete the Required Filings.
The Company has made an application to the British Columbia Securities Commission (the "BCSC") for a management cease trade order (the "MCTO"), which would restrict all trading in securities of the Company, whether direct or indirect, by management of the Company. The MCTO does not generally affect the ability of shareholders who are not insiders of the Company to trade their securities. There is no certainty that the MCTO will be granted.
The Company is working expeditiously to complete the audit of its 2024 annual financial statements as soon as possible. Supreme plans to remedy the default and file the Required Filings as soon as it is able to do so and expects such filing to occur on or prior to August 31, 2025. The Company also intends to satisfy the provisions of the alternative information guidelines of Section 10 of National Policy 12-203 Management Cease Trade Orders as long as it is in default of the filing requirements.
The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
About Supreme Critical Metals Inc.
SUPREME CRITICAL METALS INC. is a publicly traded diversified investment corporation actively exploring and investigating multiple opportunities in lithium, copper, silver, and precious metals. The Company adheres to strategic guidelines that prioritize regions conducive to mining, supported by favourable government regulations and existing infrastructure.
For further information, please contact:
George Tsafalas, Director
Phone: Toll Free 1(778) 373-8578
E-mail: info@supremecritalmetals.com
www.supremecriticalmetals.com
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking information"). Such forward-looking information is provided to inform the Company's shareholders and potential investors about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects", "intends", "plans", "may", "will", and similar expressions, although not all forward-looking information contain these identifying words.
More particularly and without limitation, the forward‐looking information in this news release includes: (i) expectations regarding the Company's business plans and operations; (ii) expectations concerning the MCTO; and (iii) expectations regarding the timing of filing the Required Filings. Forward-looking information is based on a number of factors and assumptions that have been used to develop such information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information in this news release reflects the Company's current expectations, assumptions and/or beliefs based on information currently available to the Company.
Whether actual results, performance, or achievements will conform to Supreme's expectations and predictions is subject to a number of known and unknown risks and uncertainties, which could cause actual results and experience to differ materially from Supreme's expectations. Such material risks and uncertainties include, but are not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of this release.
SOURCE: Supreme Critical Metals Inc.
View the original press release on ACCESS Newswire
FAQ
Why is Supreme Critical Metals (VRCFF) delaying its annual financial filings?
What is the new expected filing date for VRCFF's annual financial statements?
What is the MCTO that Supreme Critical Metals is applying for?
Will Supreme Critical Metals' trading be suspended due to the late filing?
Is Supreme Critical Metals facing bankruptcy or insolvency?
