03:47 PM EST, 12/16/2024 (MT Newswires) -- Arizona Metals ( AZMCF ) Monday said it is restating its third-quarter financial statements and its management discussion and analysis for the period.

The restatement was made to correct an overstatement of the company's share-based payments for the three and nine-months ended Sept.30 in the company's third-quarter financial statements filed on Nov. 14.

The overstatement was identified during the preparation for the filing of the company's preliminary short form prospectus, which was filed on Dec. 6, in connection with the bought-deal share offering the company announced on Dec. 2.

"The correction of the overstatement of the company's share based payments for the period in the company's financial statements has no impact on the company's current or net assets, non-current or total liabilities, meaning there is no change to the company's cash or working capital positions as at September 30," Arizona Metals ( AZMCF ) said.

The company's shares were last seen down $0.05 to $1.63 on the Toronto Stock Exchange.

Price: 1.63, Change: -0.05, Percent Change: -2.98