par Poplar Creek Resources Inc.
POPLAR CREEK RESOURCES INC. - Amended Announcement of Resignation of Auditor
CALGARY, AB / ACCESSWIRE / June 13, 2024 / Poplar Creek Resources Inc. (the "Corporation") announces that Buchannan Barry LLP (the "Predecessor Auditor") has resigned as auditor of the Corporation. The Change of Auditor Notice (the "Notice") delivered by the Corporation to the Predecessor Auditor stated that:
| i. | the Predecessor Auditor resigned on its own initiative; | |
| ii. | the resignation of the Predecessor Auditor was considered by the Corporation's board of directors; | |
| iii. | the Predecessor Auditor's reports on the Corporation's annual financial statements relating to the period commencing at the beginning of the Corporation's two most recently completed financial years, being the years ending December 31, 2021 and December 31, 2022 and ending on the Date of Resignation did not express a modified opinion | |
| iv. | and there are no reportable events. |
In an amended response dated June 7, 2024, the Predecessor Auditor confirmed that it had reviewed the Notice and, based on its knowledge of such information at that time, it agreed with the information contained in the Notice except as set out below.
The Predecessor Auditor stated that they disagreed with clause (e) in the Notice that there is no reportable event. It is their view that there is a reportable event as there is an unresolved issue that, in their opinion, has, or could have, a material impact on the financial statements, or reports provided by them relating to the financial statements for any financial period during the period commencing at the beginning of the Corporation's two most recently completed financial years and ending on the date of its resignation, and about which it has advised the Corporation that the matter was not resolved to their satisfaction before the date of resignation. Specifically:
- An option agreement (the "Option") had been terminated by the owner of the Option lands, which termination had not been accounted for in the Corporation's draft Q4 financial statements, and which led them to be concerned over the reliability of the financial statement presentation and disclosures provided to them.
- The termination of the Option had also not been accounted for in the December 31, 2023 audited financial statements of the Corporation's subsidiary Zambezi Rainbow Minerals ("ZRM"), which caused them concern regarding the reliability of the ZRM audited financial statements as their work relies on the audited financial statements of the subsidiary.
- They were advised by the Corporation that it had been over a year since access to the land surface on a property option had been denied, which led them to be concerned over whether that intangible asset was impaired to a value materially different than stated on the draft Q4 financial statements.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Richard Edgar
President and Chief Executive Officer
Telephone: (403) 616-5387
Email: redgarex@gmail.com
SOURCE: Poplar Creek Resources Inc.
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