Atlantic Industrial Minerals Inc.

June 26, 2009 16:35 ET

DEFAULT NOTICE: Atlantic Industrial Minerals Inc. Announces Change of Head Office to Halifax and Late Filing of Annual Financial Statements

HALIFAX, NOVA SCOTIA--(Marketwire - June 26, 2009) - Atlantic Industrial Minerals Incorporated (TSX VENTURE:ANL.V) ("AIM" or the "Company") announced today that is in the process of opening new offices in downtown Halifax, Nova Scotia and in recent weeks has been transitioning its facilities from Sydney. The Company's new offices will be located at Merit House, 1246 Hollis Street, Halifax, Nova Scotia B3J 1T6.

AIM also announced that it will not be filing its audited financial statements for the fiscal year ended February 28, 2009 (the "2009 Financial Statements") and its management's discussion and analysis relating to the 2009 Financial Statements (collectively, the "Required Filings") before the prescribed deadline of June 26, 2009.

As in past periods, the Required Filings will predominantly reflect the operations of Kelly Rock Limited, the Company's former subsidiary ("Kelly Rock"). As previously announced, the Company completed the sale of its interest in Kelly Rock in March 2009, after the end of the fiscal year, and Kelly Rock is no longer a part of the Company's operations. Consequently, the Kelly Rock results will be presented as discontinued operations separate from continuing operations in the 2009 Financial Statements.

As a result of the sale of Kelly Rock and the associated changes in management, office location and presentation of the financial statements, the Company has experienced delays in finalizing the 2009 Financial Statements such that there was not sufficient time for the Company's auditors to complete their audit of the 2009 Financial Statements to allow filing of the Required Filings within the required time. The Company in consultation with its auditors expects that the audit of the 2009 Financial Statements will be completed to allow the Company to file the Required Filings no later than July 8, 2009.

The Company intends to satisfy the provisions of the alternative information guidelines under National Policy 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above. The Company is making an application to the applicable securities regulatory authorities under National Policy 12-203 requesting that a management cease trade order be imposed in place of any general cease trade order in respect of this late filing, if it is deemed necessary.

AIM is a natural resource company based in Halifax, Nova Scotia, with interests in several limestone and water resources located in the Atlantic Provinces.

Commentary regarding forward looking statements:

This news release may contain forward-looking statements, including in connection with the completion of the audit of the 2009 Financial Statements and the filing of the Required Filings. Such statements involve known and unknown risks, uncertainties, and other factors outside management's control that could cause actual results to differ materially from those expressed in the forward-looking statements. AIM does not assume responsibility for the accuracy and completeness of the forward-looking statements and does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

Contact Information

  • Atlantic Industrial Minerals Inc.
    Colin MacDonald
    Chief Executive Officer