VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 27, 2014) - As a result of a review by the British Columbia Securities Commission, Palladon Ventures Ltd. ("Palladon" or "the Company") (TSX VENTURE:PLL) is issuing the following press release to clarify its financial disclosure. The Company will, for a second time, amend and restate its audited financial statements and MD&A for the fiscal years ended February 28, 2014 and 2013. The auditor's report accompanying the restated annual financial statements will also be refiled.
On October 30, 2014, the Company filed amended and restated audited financial statements and MD&A for the fiscal years ended February 28, 2014 and 2013. Simultaneous with that filing, the Company also filed second quarter interim statements dated August 31, 2014.
As disclosed in the August 31, 2014 interim financial statements: On October 17, 2014, CML announced that it had placed its Iron Mountain iron ore mining operations and concentrate plant on care and maintenance. Considering that Iron Mountain has been placed on care and maintenance for the foreseeable future, and in the absence of an arms-length third party transaction to value its CML shares, Palladon has taken an impairment charge for its entire $33.4 million carrying value and written the CML investment to nil.
The Company did not disclose this impairment charge in the Subsequent Events note of the previously amended and restated audited statements and in the MD&A, and is therefore required to refile the amended and restated audited financial statements and MD&A for the fiscal years ended February 28, 2014 and 2013.
About Palladon Ventures Ltd.
Palladon owns a significant minority interest in CML Holdings, Inc., which is focused on advancing the Iron Mountain project, an iron ore mine and concentrate processing plant located west of Cedar City, Utah.
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.