Atacama Resources International Inc (ACRL)

[Tiresias]

It is more complicated than that. I have had chats with various people at the Alberta regulator over the past two years including a person who does these kinds of reviews for the regulator. You may recall you have been saying that now for a few years and if it is so simple one wonders why to date they have been unable to submit them. Mr. Grant stated the audits were done and waiting to be submitted but of course like many other pronouncements, it was a lie used to try to advance the share price. I talked with an accountant about the process of having a cease trade order removed. Here is the synopsis of our discussion.
1-the default issuer must submit audited financials by way of filing them with SEDAR.
2-accountants at the regulator will then review the submitted filings
3-the process is a back and forth discussion and depending on the number of filings missed, it can take a great deal of time. The back and forth for example the company submits a filing but it is not up to standards-regulator sends them back asking questions, clarifying statements and so on. The longer the issuer is in default means the longer it will take. Each year there are five financial statements that need to be sent in so for Atacama that is 24 separate filings that will need to be submitted and examined. Each day that passes adds late fees to the tally.
4-that is the process for missing financials. I asked if a company is out of compliance for four years how long would it take-response was not specific but it could take several months to well over a year(s) before the final decision is rendered by the regulator as to the financial statements meeting what they call "standards of disclosure".