TORONTO (miningweekly.com) – The Compliance & Disclosure Department of the TSX-Venture Exchange has placed South Africa-focused coal miner Buffalo Coal on notice for transfer to the NEX board of the TSX-V, after Buffalo Coal 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 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.
Edited by: Samantha Herbst
Creamer Media Deputy Editor
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
