SRB Serabi Gold Plc

 
TIDMSRB 
 
 
   For immediate release 
 
   11 May 2021 
 
 
 
   Serabi Gold plc 
 
   ("Serabi" or the "Company") 
 
   Financial and Accounting Update 
 
 
 
   Serabi issued a news release on 1 April 2021 advising that, during the 
course of audit work in Brazil, the Company had become aware that 
certain cash withdrawals made during 2020, and amounting to 
approximately US$80,000, lacked documentary support. Following further 
enquiries undertaken by the Company and its legal advisers in Brazil, 
the Company advises that it has commenced proceedings to terminate the 
employment contracts of two of its Brazil-based senior managers. 
 
   During the course of the Company's on-going enquiries, further 
unsupported cash withdrawals have been identified dating back to 2015 of 
approximately US$120,000 (at current exchange rates), making the total 
level of unsubstantiated cash withdrawals approximately US$200,000. The 
Company has also identified a number of other potential irregularities 
relating to expense claims and other minor items which may require 
further review. The Company has retained the services of local forensic 
accountants to assist its UK auditors in order that the auditors can, as 
quickly as possible, conclude their audit procedures, permitting the 
Company to publish its Financial Statements for the 2020 calendar year. 
The Company remains confident that based on the results of the enquiries 
to date, the Financial Statements will be issued prior to 30 June 2021. 
 
   The Company considers that the termination of the employment contract of 
the managers may result in legal proceedings in Brazil involving the 
Company's subsidiary Serabi Mineracão SA. At this time therefore, 
save for any regulatory disclosure obligations, further details 
regarding the on-going enquiries in respect of these matters may be 
restricted so as not to prejudice any future legal proceedings. 
 
   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. 
 
 
 
   Enquiries: 
 
 
 
 
 
 
Serabi Gold plc 
Michael Hodgson                 Tel: +44 (0)20 7246 6830 
Chief Executive                 Mobile: +44 (0)7799 473621 
 
Clive Line                      Tel: +44 (0)20 7246 6830 
Finance Director                Mobile: +44 (0)7710 151692 
 
Email: contact@serabigold.com 
------------------------------ 
Website: www.serabigold.com 
------------------------------ 
 
Beaumont Cornish Limited 
 Nominated Adviser 
Roland Cornish                  Tel: +44 (0)20 7628 3396 
Michael Cornish                 Tel: +44 (0)20 7628 3396 
 
Peel Hunt LLP 
 UK Broker 
Ross Allister                   Tel: +44 (0)20 7418 9000 
 
CAMARCO 
 Investor and Public Relations 
Gordon Poole                    Tel:+ 44 (0)20 3757 4980 
Nick Hennis 
Emily Hall 
 
 
 
 
   Copies of this announcement are available from the Company's website at 
https://www.globenewswire.com/Tracker?data=tzM2vsaEvBXeCfyhmqUV9WaolxhWL9GGrfbs48encUML3074ISMPYcCbtwZK5IHGsXI9o1jVTddKz8WJyodUlvaSfloJPDfze6KHPHFJrME= 
www.serabigold.com. 
 
 
 
   Neither the Toronto Stock Exchange, nor any other securities regulatory 
authority, has approved or disapproved of the contents of this 
announcement. 
 
 
 
   ENDS 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 11, 2021 02:00 ET (06:00 GMT)

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