TSXV:
AWM
WWW.ANGELWINGMETALS.COM
Toronto, Nov. 2, 2022
/CNW/ - Angel Wing Metals Inc. (TSXV: AWM) ("Angel Wing
Metals" or the "Company") announces the filing of its
restated unaudited condensed interim financial statements for the
periods ending March 31, 2022 and
June 30, 2022 (the "Restated
Financial Statements"), to account for the change in accounting for
the acquisition of Lago de Oro Resources S.A. de C.V. ("LOM") and
its El Grande Project ("El Grande" or "the Project") announced on
March 30, 2022. The Restated
Financial Statements were prepared following a continuous
disclosure review by the Staff of the Albert Securities Commission
(the "ASC") of the Company's disclosure records.
Following the acquisition of LOM, the Company accounted for the
transaction as an investment. Upon further review, the Company in
consultation with the ASC determined that the acquisition of LOM
should be accounted for as an asset acquisition as more fully
described in the notes to the Company's Restated Financial
Statements. Accordingly, the expenses of LOM have been incorporated
into the consolidated financials.
Angel Wing Metals has therefore restated its unaudited condensed
interim financial statements for the periods ending March 31, 2022 and June
30, 2022 as well as the associated management's discussion
and analysis.
ABOUT ANGEL WING METALS
Angel Wing Metals (TSXV: AWM) is focused on the exploration and
development of its portfolio of precious metals properties in
Mexico and Canada. The Company's flagship El Grande gold
project covers 550 square kilometers in the southern extension of
the prolific Sierra Madre Occidental gold-silver belt in the state
of Nayarit, Mexico.
The Company also owns two early-stage gold exploration projects
in Northwestern Ontario, in which
the Company is engaged in ongoing exploration. The Winora Project
is located near Lingman lake, 325 km north of Red Lake and consists of 17 patented mining
claims in that are estimated to be within 500 m and on strike with the historic Lingman
Lake gold deposit. The Quartz Lake Project is located 50km
east of the prolific Red Lake
district and demonstrates many similar geological features of other
successful exploration plays in the region.
Angel Wing Metals is committed to sustainable and responsible
exploration and business activities in line with industry best
practices, supportive of all stakeholders, including the local
communities in which the Company operates.
For more information, please visit the Company's website at
www.angelwingmetals.com.
ON BEHALF OF THE BOARD OF ANGEL WING METALS INC.
"Bryan Wilson"
President & CEO
Email: bwilson@angelwingmetals.com
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.
SOURCE Angel Wing Metals Inc.