Pacific Rim Notifies NYSE Amex of Its Intent to Delist
2010年8月20日 - 6:00AM
Marketwired
Pacific Rim Mining Corp. ("Pacific Rim" or the "Company") (TSX:
PMU)(NYSE Amex: PMU), has filed a notification with NYSE Amex
Equities ("NYSE Amex") to voluntarily delist its common shares from
the exchange. The Company's common shares will continue to trade on
the Toronto Stock Exchange ("TSX") and once delisted from NYSE
Amex, will automatically trade on the Over the Counter Bulletin
Board in the US. As the Company remains a Securities and Exchange
Commission ("SEC") registrant, it is concurrently commencing a
listing application for the Over the Counter QX ("OTCQX") platform,
a more rigorous OTC trading platform option available to
SEC-registered issuers.
On November 12, 2009 the Company announced it received notice
from the NYSE Amex that, based on its review of the Company's
fiscal 2010 first quarter results, the Company was not in
compliance with Section 1003(a)(iii) of the NYSE Amex Company
Guide, having at July 31, 2009 stockholders' equity of less than
$6,000,000 while sustaining losses from continuing operations and
net losses in its five most recent fiscal years. The Company
submitted a Compliance Plan (the "Plan") on December 11, 2009. On
February 11, 2010 the Company announced it had been notified by
NYSE Amex that the Plan had been accepted. Details of the NYSE Amex
notifications are provided in the Company's news releases #09-09
and #10-02 dated November 12, 2009 and February 11, 2010
respectively.
The Company's Plan included several key milestones, the most
critical of which was to improve shareholders' equity through a
financing based on one or more of receipt of the El Dorado permit,
resolution of the CAFTA action or the acquisition and exploration
of a new project. The mid-plan milestone of increasing
shareholders' equity to a minimum of US $6 million has not been met
and as a result the Company believes it is not meeting the terms of
its Plan. Furthermore, the Company is not able to ascertain with
confidence whether it will be in a position to regain full
compliance with the NYSE Company Guide by the end of the Plan
period (May 2011) as the majority of the factors on which ongoing
compliance would be predicated are outside of the Company's
control.
The Company's strategy over the past few months has been to work
towards obtaining resolution of the permit issue before raising
capital in a weak market to avoid diluting shareholders. The
Company continues to try to negotiate with the El Salvadoran
government in order to obtain the mining permit, which is expected
to enable the Company to raise capital more efficiently to develop
the El Dorado project and continue with additional exploration in
the Americas while minimizing dilution. In addition the Company is
searching for new exploration projects that will benefit its
shareholders.
While the acquisition of a new exploration project is currently
being pursued, the level of financing, on that basis alone,
required to regain compliance with NYSE Amex's Company Guide would,
in the opinion of management, be onerous and dilutive to existing
shareholders. Rather, the Company believes that if and when it is
successful in acquiring a new exploration project, its financing
requirements should be based on its exploration objectives and
value objectives rather than the objective of the NYSE Amex.
Lastly, as the Company has greatly reduced its level of business
activity at a time when listing costs and standards continue to
escalate, management believes ongoing listing on NYSE Amex is not
currently practicable.
To effect the delisting, the Company intends to file with the
Securities and Exchange Commission a Form 25, Notification of
Removal from Listing and/or Registration, on or about August 30,
2010. The Company expects that trading of its shares on the NYSE
AMEX will be terminated on or about September 9, 2010. Until the
AMEX delisting becomes effective on or about September 9, 2010, the
Company's common stock will continue to trade on the NYSE AMEX
under the symbol "PMU" with ".BC" after its trading symbol to
reflect its non-compliance with the NYSE AMEX listing
requirements.
About Pacific Rim
Pacific Rim is an environmentally and socially responsible
exploration company focused exclusively on high grade,
environmentally clean gold deposits in the Americas. Pacific Rim's
primary asset is the high grade, vein-hosted El Dorado gold project
in El Salvador. The Company also owns several similar grassroots
gold projects in El Salvador and is actively seeking additional
assets elsewhere in the Americas that fit its focus.
On behalf of the board of directors,
Thomas C. Shrake, President and CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this document may involve
forward-looking statements. By their nature, forward-looking
statements are subject to numerous risks and uncertainties, some of
which are beyond Pacific Rim's control, including: the date on
which a Form 25 will be filed; the date on which the Company's
common shares will cease to trade on NYSE Amex; the Company's
success in achieving an OTCQX listing; and, the potential
acquisition of a new exploration project. Readers are cautioned
that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. Pacific Rim's actual results,
programs and financial position could differ materially from those
expressed in or implied by these forward-looking statements.
The TSX and NYSE Amex have neither reviewed nor accept
responsibility for the adequacy or accuracy of this release.
Contacts: Pacific Rim Mining Corp. Barbara Henderson
604-689-1976 or 1-888-775-7097 general@pacrim-mining.com
www.pacrim-mining.com
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