GREY:CCJMF - Post Discussion
Post by
epko1999 on Sep 17, 2019 2:15pm
News
Melior Receives Notice of Transfer From Tier 1 to Tier 2 Classification on the TSX Venture Exchange
TORONTO, Sept. 13, 2019 (GLOBE NEWSWIRE) -- Melior Resources Inc. (TSXV: “MLR”) (“Melior” or the “Company”) today announces that further to its press release on September 9, 2019 disclosing, among other things, that its wholly-owned subsidiaries, Goondicum Resources Pty. Ltd (“Goondicum”) and Melior Australia Pty. Ltd (“Melior Australia” and, together with Goondicum, the “Subsidiaries”), appointed a voluntary administrator pursuant to Section 436A of the Corporations Act 2001 (Australia), the TSX Venture Exchange (the “Exchange”) has advised the Company that it does not meet the Exchange’s Tier 1 Continued Listing Requirements (“CLR”) and, as a result, the Company’s Tier classification changed from Tier 1 to Tier 2 as of Wednesday, September 11, 2019. Further, the Exchange has provided the Company 90 days to submit documentation evidencing that it meets Tier 2 CLR which includes the acquisition of an operating asset. If the Company is unable to file satisfactory documentation before such date, the Company will be transferred to the NEX Board of the Exchange.
The Company intends to pursue opportunities to acquire an operating asset and make submissions to the Exchange regarding the Company’s Tier 2 CLR deficiencies, however there can be no assurance the Company will be successful in this regard.
The reclassification of the Company as a Tier 2 issuer will not result in any change to Melior’s trading symbol, which will remain “MLR”.
Melior also confirms that all five directors on its board remain in place and that Martyn Buttenshaw and Jonathan Mattiske, its current Interim Chief Executive Officer and Chief Financial Officer, respectively, remain in their existing roles.
About Melior
Melior’s Subsidiaries are the owners and past operators of the Goondicum ilmenite and apatite mine located in Queensland, Australia. Further details on Melior and the Goondicum mine can be found at www.meliorresources.com and regulatory filings are available on SEDAR.
Melior is incorporated under the provisions of the Business Corporations Act (British Columbia) and has a registered office in Vancouver, British Columbia. Melior is now classified as a Tier 2 Mining Issuer under the policies of the TSX Venture Exchange.
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