Tuesday, November 1, 2011 – VANCOUVER, B.C., CANADA, Maxim Resources Inc., (Maxim or the Company), (TSXV:MXM Frankfurt:M5H OTCBB: MXMSF), announces that as a result of a review by the British Columbia Securities Commission, (“BCSC”), the Company is issuing the following press release to clarify the Company’s disclosure. The Company has now filed on SEDAR amended and restated unaudited interim financial statements and management’s discussion and analysis, (“MD&A”), (collectively the Amended Documents) for the periods ended March 31, 2011 and June 30, 2011.
The majority of the disclosure deficiencies related to the information required to be disclosed as a result of the transition from Canadian GAAP to International Financial Reporting Standards, (“IFRS”), and to with requests by the BCSC for the added disclosure and clarity in relation to the nature of the relationships that the Company has with its invested interests.
March 31, 2011 – Financial Statements have been revised as follows:
June 30, 2011 – Financial Statements have been revised as follows:
June 30, 2011 – MD&A been revised as follows:
- The summary of quarterly results has been expanded to provide a meaningful discussion of the variances from period to period;
- The results of operations section has been expanded to provide a more meaningful discussion of the material variances in balances from period to period;
- Long -term receivables has been expanded to provide more meaningful discussion of the details, status, nature and risks associated with the long -term receivable;
- Rocky point project has been expanded to provide additional information regarding its status;
- The transactions with related parties has been expanded to include additional disclosures with respect to related party transactions;
- Disclosure has been added to the forward looking statement identifying the assumptions and factors management used in preparing the MD&A;
Maxim is a junior oil and gas production and exploration company based in Vancouver, Canada. Maxim presently holds, through NSOG, a 69% Net Revenue Interest in exploration and production of Jasmin within the South Erin Block, which cover 1,350 acres. After payout of the investment to Maxim, the Net Revenue Interest will reduce to 41%. Jasmin has drilled 5 wells to date and the exploration licenses for this Block allow for up to a further 42 wells to be drilled.
Issued on behalf of the Board of Directors of
Maxim Resources Inc.
President & CEO
(604) 630-0280 or toll free at 1-888-882-8891
The Station, Suite #290-601 W. Cordova Street Vancouver, BC V6B 1G1 Telephone: (604) 630 -0280 Fax: (604)
Neither the 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.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.