Elcora Advanced Materials Faces Audit Delays Impacting Filing

Elcora Advanced Materials Corp. Faces Filing Delays

Elcora Advanced Materials Corp. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF) announced potential delays in finalizing their annual financial statements and management's discussion for the fiscal year ending March 31, 2025. This news follows a delay linked to their audit process, raising concerns among investors regarding compliance with Canadian securities law.

Reasons Behind the Delay

The delay in finalizing the annual financial filings stems from difficulties in obtaining necessary information from Ermazon SARL, their wholly owned subsidiary based in Morocco. Such operational challenges can often hinder the timely compilation of financial data, which is critical for accurate reporting.

What is a Management Cease Trade Order?

If granted, the management cease trade order (MCTO) will prohibit the company's top executives and directors from trading its common shares, although general trading by the public will still be permitted. This measure aims to protect investors by ensuring that those in key positions within the company are not engaging in trading while disclosures are not completed.

Elcora's Compliance Measures

In accordance with National Policy 12-203, Elcora will adhere to alternative information guidelines during the MCTO period. This includes issuing biweekly updates about their financial status until the annual filings are submitted. Transparency during such times is vital to maintaining investor trust and ensuring continued interest in Elcora's operations.

Updating Shareholders

Elcora is committed to keeping its shareholders informed about the application of the MCTO and any developments related to their annual filings. The company plans to release further updates through news releases, promoting open communication about their financial health and operational progress.

About Elcora Advanced Materials Corp.

Elcora, founded in 2011, aims to be a leader in the vertically integrated battery materials sector. The company specializes in processing and refining battery-related minerals and metals, paving the way for significant advancements in battery technology. Their efforts to develop scalable, cost-effective processes for purifying battery materials underline their commitment to innovation and sustainability in the energy sector.

Vertical Integration Strategy

This strategic approach allows Elcora to control each aspect of the supply chain, from mining to the final product. By developing their own processes for high-quality battery materials, Elcora aims to enhance efficiency and competitiveness within the market.

Contact Information

For further information, interested parties can contact Troy Grant, Director, President & CEO of Elcora Advanced Materials Corp. at +1 902 802-8847. Open lines of communication are essential to Elcora as they navigate the current challenges.

Frequently Asked Questions

What is the reason for Elcora's delayed filings?

The delay is primarily due to late information from their subsidiary, Ermazon SARL, affecting their annual financial statements.

What does a management cease trade order imply?

A management cease trade order prevents company executives from trading shares during a time of incomplete financial disclosures.

How will Elcora keep investors informed during the MCTO?

Elcora will issue biweekly updates as required by the securities policy for non-compliance, keeping investors informed of their financial status.

What is Elcora's focus in the battery materials industry?

Elcora focuses on processing and refining battery-related minerals and metals, aiming for vertical integration in the sector.

Who can I contact for information about Elcora?

Troy Grant, the Director and CEO, can be reached for inquiries at +1 902 802-8847.

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