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TSX decides to delist Northland Resources

19th February 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – The Toronto Stock Exchange (TSX) has threatened to delist iron-ore producer Northland Resources from its main board at the close of market on March 18.

Northland said the Continued Listings Committee of the TSX had determined that the company had failed to meet the continued listing requirements of the bourse, following the company’s decision to enter into corporate reconstruction for its three Swedish subsidiaries. Northland was currently in the process of trying to obtain the required working capital and appropriate capital structure to secure its long-term operations.

The company said it was undertaking “constructive” discussions with its creditors and other stakeholders to secure funding for its short-term as well as its long-term operations. “When this occurs, the company currently intends to apply to the TSX to have its common shares reinstated on the TSX,” Northland said in a statement.

The TSX has resolved that Northland’s common shares will remain suspended from trading on the TSX until they are delisted on March 18, 2013.

Mining Weekly Online at the end of January reported that the company would start loading its first vessel with high-grade iron-ore from its Kaunisvaara mine, in Sweden, on February 9, for shipment to end-customer and partner Tata Steel UK, in the Netherlands.

The company’s said it would retain its dual listing on the Oslo Stock Exchange.

Edited by Creamer Media Reporter

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