TSX to delist Moly Mines
PERTH (miningweekly.com) – Dual-listed Moly Mines had its listing on the TSX removed at the close of business on July 4, as the company had failed to comply with the Toronto bourse’s listing rules.
In early May, the TSX told Moly Mines that it was undertaking a review of the company’s listing, as Moly was no longer engaged in any ongoing business, in accordance with the TSX’s listing rules.
The company had been granted a 30-day relief period in which to regain compliance with the TSX requirements, but this time had run out.
Canadian shareholders could request to have their shares transferred to the Australian register.
Moly’s share trading was currently also suspended on the ASX.
Moly requested a voluntary suspension from the Australian bourse in May as it anticipated a failure to meet the ASX’s six-month timeframe to secure a suitable new asset, after completing the mine gate sale agreement for iron-ore produced at the Spinifex Ridge mine, with Mineral Resources, in May, last year.
Moly told shareholders on Friday that it would maintain its listing on the ASX, but that shares would remain suspended until the company was able to restart operations at an “adequate level” to justify a quotation on the Australian bourse.
At the end of March, Moly had about A$96-million in net current assets on its balance sheets, including A$74-million in cash. The company was currently in the process of identifying and evaluating possible asset acquisitions.
Another dual-listed company, Intrepid Mines, will also have its listing removed from the TSX next month.
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