Buffalo Coal Corp. Comments on Toronto Stock Exchange Continued Listing Review Notification
TORONTO, ONTARIO--(Marketwired - May 22, 2015) - Buffalo Coal Corp. (TSX:BUF)(JSE:BUC) ("Buffalo" or the "Company"), a mining company focussed on the production of coal in South Africa, announced on May 21, 2015, that it has been notified by the Toronto Stock Exchange ("TSX") that it is being placed under delisting review in respect of its common shares.
The TSX has advised the Company that it is reviewing whether the Company meets the continued listing requirements of the TSX in the following areas: (i) the Company's financial condition and operating results, and (ii) the market value of publicly held listed securities of the Company.
The Company is being reviewed under the Remedial Review Process of the TSX and has been granted an initial period of 120 days to comply with all requirements of the TSX for continued listing. If the Company is unable to demonstrate on or before September 18, 2015 that it meets the requirements for continued listing on the TSX, its securities will be delisted 30 days from such date.
The Company will be working with the TSX throughout the review process to satisfy the continued listing requirements. In the event the Company is unable to continue with the listing of its securities on the TSX, the Company will assess other listing alternatives in Canada.
About Buffalo Coal Corp.
Buffalo is a coal producer in southern Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee (Pty) Ltd, a South African company which has a 70% interest in Zinoju Coal (Pty) Ltd ("Zinoju"). Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. Buffalo has an experienced coal-focused management team.
Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of Buffalo and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Buffalo to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral products; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although Buffalo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Buffalo does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Contact
Buffalo Coal Corp.
Malcolm Campbell
Chief Executive Officer
+27 82 924 4444
malcolm.campbell@buffalocoal.co.za
Buffalo Coal Corp.
Sarah Williams
Chief Financial Officer
+27 83 781 1405
sarah.williams@buffalocoal.co.za
