Palladon Ventures Ltd.: Update
VANCOUVER, May 27, 2015 - Palladon Ventures Ltd. ("Palladon") (TSX VENTURE:PLL) provides the following update.Due to a lack of financial resources, Palladon is unable to meet the compliance requirements necessary to remain a reporting issuer that is not in default of Canadian securities laws. This includes being unable to conduct an annual audit and produce audited financial statements for the year ended February 28, 2015.
As a result, Palladon anticipates that trading in its shares will be halted and that ultimately it will be delisted from the TSX Venture Exchange and cease traded by the applicable securities regulatory authorities. The specific timing for the foregoing events is currently unknown, but occurrence thereof will significantly impair or terminate the liquidity of the shares.
Palladon management will endeavor to keep Palladon in existence in its domicile of British Columbia, in the eventuality that there is a recovery from CML Holdings or CML International.
Unless there is a significant corporate development, Palladon does not expect to issue further news releases
Disclaimer for Forward-Looking Information: Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. In this release such statements included but are not limited to management's expectations as to the consequences of its lack of financial resources and the intent to maintain Palladon's corporate existence in British Columbia. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Palladon Ventures Ltd.
John W. Cutler, Chief Executive Officer
801.521.5252
info@palladonventures.com
www.palladonventures.com