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For immediate release
27 August 2021
Serabi Gold plc
(“Serabi” or the “Company”)
Publication Timetable for Annual Results for 2020 and Half Year Results for 2021
Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining and development company, is pleased to provide an update on the completion of the audit and publication of the financial results for the 2020 calendar year.
Reporting timetable update
As previously advised the publication of the Company’s Annual Report and Accounts for the year ended 31 December 2020 (“2020 Annual report”), has been delayed as a result of the identification and subsequent enquiries into the nature of unexplained cash withdrawals made from the Group’s Brazilian subsidiary Serabi Mineracão SA (“SMSA”).
The Company advises that the Forensic Investigations group of Deloitte in Brazil (“Deloitte Brazil”) who had been contracted by the Company to undertake the necessary enquiries have now completed their work and circulated a draft of their report (“ the Deloitte Report”) has been circulated to the Company and the Company’s auditors. The report is expected to be finalised in the next few days Following the issue of the Deloitte Report the Company’s auditors require a short period of time to complete all their final audit and internal review procedures. The Company and the Company’s auditors plan that the issue of the 2020 Annual report will be issued well in advance of the dates agreed with Companies House and AIM.”
As previously advised the London Stock Exchange has agreed to extend the reporting deadline for the Company to publish its 2020 Annual Report for up to three months to 30 September 2021, coinciding with the date the Company is required to file the 2020 Annual Report at Companies House.
As previously advised, the initial enquiries made by Deloitte Brazil of the accounting and banking records of SMSA, identified a total of approximately US$340,000 of cash that had been withdrawn from SMSA over a period between January 2015 and December 2020. Deloitte Brazil have now completed a further review of all other electronic and physical records including electronic communications and have not identified any further instances of irregular cash withdrawals or other material transactions of an unusual nature. The Company confirms that all the identified cash withdrawals were recorded through the accounts of SMSA and expensed in the period in which they were incurred. Further the review of available electronic communications and other records has not indicated that any of these cash withdrawals were made for the purpose of facilitation arrangements or other inducements.
The Company also advises that it will publish its interim financial results for the six month period ended 30 June 2021 prior to the end of September 2021.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
The person who arranged for the release of this announcement on behalf of the Company was Clive Line, Director.
Serabi Gold plc
Tel: +44 (0)20 7246 6830
Mobile: +44 (0)7799 473621
Tel: +44 (0)20 7246 6830
Mobile: +44 (0)7710 151692
Beaumont Cornish Limited
Roland Cornish / Michael Cornish
Tel: +44 (0)20 7628 3396
Peel Hunt LLP
Ross Allister / Alexander Allen
Tel: +44 (0)20 7418 9000
Tamesis Partners LLP
Charlie Bendon / Richard Greenfield
Tel: +44 (0)20 3882 2868
Gordon Poole / Nick Hennis
Tel: +44(0) 20 3757 4980
Copies of this announcement are available from the Company's website at www.serabigold.com.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this announcement.
See www.serabigold.com for more information and follow us on twitter @Serabi_Gold