TORONTO (miningweekly.com) – A director of South Africa-focused Buffalo Coal has resigned from the board owing to a conflict of interest with other business interests.
TSX-V- and JSE-listed Buffalo, which operates the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa's KwaZulu-Natal province, advised Monday that John Wallington had resigned with effect from July 3.
The Compliance & Disclosure department of the TSX-Venture Exchange had earlier this year placed Buffalo on notice for transfer to the NEX board of the TSX-V, after Buffalo failed to meet the public float continued listing requirements of the stock exchange.
The NEX is a separate board of the TSX-V that provides a trading forum for listed companies that fall below the TSX-V's ongoing listing standards.
Buffalo stated at the time that it would work with the TSX-V throughout the review period in an effort to restore compliance with the TSX-V’s continued listing requirements. The company was given until July 7 to provide submissions on the issue.
Meanwhile, Buffalo was delisted from the main board of the Johannesburg Stock Exchange in December, and relegated to the lower-tier AltX board. The company maintained its JSE-affiliated listing as a secondary listing to the NEX.
Plagued by permitting issues in 2015 and dwindling coal prices for product produced at its Magdalena bituminous mine and the Aviemore anthracite mine in South Africa’s KwaZulu-Natal province, Buffalo late last year secured additional working capital, but still failed to meet the continued listing requirements of the TSX-V.