Mr. Kevin Bottomley reports
KING'S BAY RESOURCES ANNOUNCES LEI NUMBER
King's Bay Resources Corp. has been assigned the legal entity identifier (LEI) No. 5299008LRGOF2OYXQ954. The European Union has adopted regulations that require use of the LEI as a barcode equivalent aimed at pinpointing systemic risks.
About the legal entity identifier (LEI)
The legal entity identifier (LEI) number is a 20-digit alphanumeric code. It is an internationally standardized and globally valid identifier for financial market participants. Its purpose is to clearly and unequivocally identify contracting parties (for example companies, banks and investment funds). It is used to comply with a variety of financial reporting requirements. The Deutsche Borse Group has stated, "The LEI will clearly assist the regulatory authorities in monitoring and analyzing threats to the stability of the financial markets, (but) it can also be utilized by counterparties internally for risk management purposes."
King's Bay Resources meets the requirement for all companies listed on German stock exchanges (for example the Frankfurt Stock Exchange) to have an LEI number by Jan. 3, 2018.
According to the website of the Deutsche Borse Group, the LEI number will affect most aspects of the securities markets in Europe, including trading, clearing, settlement, custody, collateral and liquidity management, market data and indices. (See Deutsche Borse's website.)
About King's Bay Resources Corp.
King's Bay Resources is focused on the exploration of cobalt and other high-tech metals in North America. The company believes in this emerging fast-growth sector and will continue to seek out and evaluate properties that show promise for development.
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