General Moly, Inc. (TSE:GMO) Files An 8-K Changes in Registrant’s Certifying Accountant
Changes in Registrant’s Certifying Accountant
(a) Resignation of independent registered public accounting firm.
On February 3, 2021, Plante & Moran, PLLC notified General Moly, Inc. (the “Company”) that it was resigning as the Company’s independent registered public accounting firm, effective immediately.
The report of Plante & Moran, PLLC on the financial statements as of and for the year ended December 31, 2019 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle, except that Plante & Moran, PLLC’s report on the Company’s financial statements as of and for the year ended December 31, 2019 included a paragraph noting that the Company’s working capital deficit and absence of revenue from operations along with other matters discussed in Note 1 raised substantial doubt about the Company’s ability to continue as a going concern. Plante & Moran, PLLC did not issue a report on the financial statements for the year ended December 31, 2020.
During the fiscal years ended December 31, 2020 and 2019 and the subsequent interim period through February 3, 2021, there have been no disagreements with Plante & Moran, PLLC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of Plante & Moran, PLLC would have caused them to make reference thereto in their reports on the financial statements for such years. Plante & Moran, PLLC did not conduct an audit on the financial statements for the fiscal year ended December 31, 2020 and did not issue a report on those financial statements. In addition, there were no “reportable events” (as that term is defined in Item 304(a)(1)(v) of Regulation S-K) during the fiscal years ended December 31, 2020 and 2019 and the subsequent interim period through February 3, 2021. However, Plante & Moran, PLLC did not perform an audit on the Company’s financial statements for fiscal year ended December 31, 2020.
The Company has requested that Plante & Moran, PLLC provide it with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter, dated February 8, 2021, is filed as Exhibit 16.1 to this Form 8-K.
On November 18, 2020, the Company filed a voluntary petition under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Colorado (the “Bankruptcy Court”). The Debtor’s chapter 11 case is captioned “In re: General Moly, Inc.” and was assigned case number 20-17493-EEB. The Company is continuing to operate its business as a “debtor-in-possession” and has filed a Plan of Reorganization and Disclosure Statement with the Bankruptcy Court.
The Company cautions that trading in the Company’s securities is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual value realized, if any, by holders of the Company’s securities. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities. The Company did not prepare financial statements for the periods ended September 30, 2020 and December 31, 2020, did not file a Quarterly Report on Form 10-Q for the period ended September 30, 2020 and does not intend to file an Annual Report for the year ended December 31, 2020.
Financial Statements and Exhibits
General Moly, Inc Exhibit
EX-16.1 2 gmo_ex161.htm LETTER ON CHANGE IN CERTIFYING ACCOUNTANT gmo_ex161 Exhibit 16.1 February 8,…
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About General Moly, Inc. (TSE:GMO)
General Moly, Inc. is engaged in the business of the exploration, development and mining of properties containing molybdenum. The Company, through its subsidiary, Eureka Moly, LLC, holds interest in the Mt. Hope Project, a molybdenum property, located in Eureka County, Nevada. The Mt. Hope Project contains molybdenum reserves totaling approximately 1.4 billion pounds of which 1.2 billion pounds are estimated to be recoverable. It also owns a molybdenum and copper project, the Liberty Project, located in Nye County, Nevada. Its other mining properties include over 100 acres of fee simple land in the Little Pine Creek area of Shoshone County, Idaho; six patented mining claims known as the Chicago-London group, located near the town of Murray in Shoshone County, Idaho; 30 unpatented mining claims in Marion County, Oregon, known as the Detroit property, and 80 unpatented mining claims in Sanders and Madison County, Montana.
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