August 25, 2021 – Vancouver, B.C. – Traction Exploration Inc. (“Traction” or the “Company”) is issuing this news release to clarify certain disclosure in its final prospectus dated August 16, 2021 (the “Prospectus”).
Afzaal Pirzada, a director of the Company, served as a director of TWX Group Holding Limited (“TWX”) from November 2020 to June 2021. On January 6, 2021, the British Columbia Securities Commission (the “BCSC”) issued a cease trade order against TWX (“TWX CTO”) for failure to file annual audited financial statements for the year ended August 31, 2020 and related management’s discussion and analysis and certifications. The TWX CTO remains in effect.
Faizaan Lalani has served as a director and as chief financial officer of United Lithium Corp. (“ULC”) since October 2019. On July 23, 2021, the BCSC issued a cease trade order against ULC (the “ULC CTO”) for failure to file a compliant material change report respecting the amalgamation of ULC’s wholly-owned subsidiary, 1263391 B.C. Ltd. with 1257590 B.C. Ltd. The ULC CTO was revoked on August 25, 2021.
The Prospectus did not include disclosure respecting the TWX CTO due to an oversight. Disclosure respecting the ULC CTO is being provided not to correct a deficiency in the Prospectus, but rather to provide shareholders with full, true and plain disclosure respecting Mr. Lalani’s background.
About the Company
Traction is a mineral exploration company with an objective to locate and develop economic mineral properties. The Company is based in Vancouver, BC and holds an option in the Whitewater Property located in the Slocan Mining Division, Kaslo, British Columbia.
For more information, investors should review the Company’s filings that are available at www.sedar.com.
Director and CEO
Telephone: 604 561 2687