Metalore to Be Delisted From TSX
Simcoe, Ontario (FSCwire) - On March 7, 2016, a senior compliance officer of the Toronto Stock Exchange (TSX) notified Metalore Resources Ltd. (MET/TSX) that the company was the subject of a delisting review, due to the company’s failure to comply with certain TSX continued listing requirements. Section 710(c)(i) of the TSX Company Manual specifies that resource companies spend a minimum of $350,000 on “exploration”, that is acceptable to TSX, each and every year. Section 712 requires that issuers have a minimum public float of $2,000,000, which the Company had fallen below. However, the company regained compliance with Section 712 during the delisting review.
After Metalore obtained its original listing on Tier One of the TSX in 1981, we discovered the deep, high grade, NI 43-101 Gold resource at Brookbank and subsequently three more satellite deposits. We spent an average of over $500,000 annually on exploration from 1981 through 2014. By 2012, however, natural gas prices were consistently at very depressed levels, and we did not have sufficient surplus cash flow to sponsor further work on extensive mining projects that required multi-year lead times for production. In 2015, we spent only $311,000 on “Exploration”, primarily related to our “core” gas production business, which IFRS Accounting Standards classify as expenditures related to “Exploration”. It should be noted that the IFRS definition of acceptable exploration expenses do not necessarily coincide with the definition of TSX regulations. Nevertheless, we will admit, after doing it abundantly well for a whole generation of 35 years, we may have fallen a little short in 2015, according to TSX interpretation.
It is quite apparent that the TSX, Tier One, big money Bureaucracy does not want to have smaller companies in their stable. Accordingly, we have notified the TSX ”Venture” Exchange that we are preparing our application material for submission within the next several days. We expect a smooth transition in share trading under the same “MET” symbol to be resumed shortly thereafter. It should also be noted that there are specific advantages of being listed on the TSX Venture Exchange.
We apologize to all of our Faithful Shareholders for any inconvenience caused by the transition and appreciate your Gracious Support over the years.
For further information please contact:
George Chilian
(519) 428 - 2464
info@metalorereources.com
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/metalore09222016.pdf
Source: Metalore Resources Ltd. (TSX:MET)
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