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JOHANNESBURG (miningweekly.com) – Mining and exploration company First Nickel reported it has received notice that the TSX is reviewing the eligibility of the company’s common shares for continued listing on the TSX.
The company advised on Friday that the TSX was reviewing whether First Nickel met its continued listing criteria in terms of the company’s financial condition and operating results, whether First Nickel had adequate working capital and an appropriate capital structure, and if the share price of First Nickel’s common shares had been so reduced as to not warrant continued listing.
First Nickel was being reviewed under the TSX’s remedial review process and had 120 days to comply with all requirements for continued listing.
If the company could not meet the requirements of the TSX on or before October 28, First Nickel’s common shares would be delisted 30 days from that date.
First Nickel assured, in a statement, that it intended to cooperate fully with the TSX review process, including the consideration of listing alternatives for its common shares.
Any continued listing or alternate listing of the company’s common shares would be dependent on numerous factors.
In light of the status of First Nickel’s operations under the current nickel price environment, there was no assurance that the company would be able to maintain a listing of its common shares on the TSX, or obtain an alternate listing on another exchange, the company said.