SYDNEY, NS, Aug. 23 /CNW/ - Atlantic Industrial Minerals Incorporated
(TSXV: ANL.V) announced today that it has consented to a management cease
trade order granted by the Nova Scotia Securities Commission. The order
prohibits trading in securities of Atlantic Industrial Minerals by directors,
officers and other insiders of Atlantic Industrial Minerals. The management
cease trade order was issued because Atlantic Industrial Minerals has not yet
filed its financial statements for the year ended February 28, 2006. The delay
in filing is a result of the resignation of the former auditor of Atlantic
Industrial Minerals and delays in engaging a new auditor. KPMG LLP has been
appointed auditor for Atlantic Industrial Minerals. The audit for the year
ended February 28, 2006 is nearing completion, following which the financial
statements will be filed and mailed to shareholders. More information is
contained in the attached notice of default.
On March 2, 2006, Atlantic Industrial Minerals announced that it had
agreed in principle to sell its common shares of Kelly Rock Limited to
Municipal Capital Incorporated. By way of an update, no definitive agreement
has been signed to date as the parties continue to review the feasibility of
the proposed transaction from a tax perspective. There can be no assurances at
this time that the proposed transaction will be completed.
Atlantic Industrial Minerals is a natural resource company based in
Sydney, Nova Scotia, engaged in the production and sale of industrial
minerals. The common shares of Atlantic Industrial Minerals Incorporated are
listed on the TSX Venture Exchange.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED, NOR DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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NOTICE OF DEFAULT
Pursuant to CSA Staff Notice 57-301
ATLANTIC INDUSTRIAL MINERALS INCORPORATED
To: Nova Scotia Securities Commission
Ontario Securities Commission
Alberta Securities Commission
British Columbia Securities Commission
Atlantic Industrial Minerals Incorporated (the "Company") hereby gives
notice that it is not able to file its Annual Financial Statements for the
Year Ended February 28, 2006 ("Financial Statements") before the prescribed
filing deadline. The reason for the delay in filing the Financial Statements
is attributed to the resignation of the Company's former auditor, Chant &
Rowe, and the Company's difficulty in engaging a new auditor, which is now
MG LLP. The Company plans to file the Financial Statements by August 28,
2006. The Company intends issue a Default Status Report on a bi-weekly basis
in accordance with the provisions of Appendix B to CSA Staff Notice 57-301.
The Company understands that securities regulators may impose an issuer
cease trade order if the Financial Statements are not filed by that time, or
sooner, if the Company fails to file its Default Status Report on time.
Dated as of the 23rd day of August, 2006.
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