RE:Primero Receives NYSE NoticeRidgeback wrote: Primero Receives NYSE Notice
06:50 EST Tuesday, December 27, 2016
TORONTO, ON --(Marketwired - December 27, 2016) - Primero Mining Corp. ("Primero" or the "Company") (TSX: P)(NYSE: PPP) today announced that is has received formal notification from the New York Stock Exchange ("NYSE") of its non-compliance with the exchange's continued listing standards for minimum trading price.
Primero has formally replied to the NYSE notification with the Company's intention to restore compliance to the minimum share price criteria within the prescribed time frame. Primero expects to achieve re-compliance by delivering on a number of key strategic and operational initiatives, which include, but are not limited to:
- Reducing costs and returning operations to industry-leading profitability as historically reported at its flagship San Dimas mine;
- Delivering increased cash flow from its Black Fox mine with production focus on the high-grade Deep Central Zone;
- Exploring and identifying high quality mineral resources in and around our current mines and projects.
Primero is currently in compliance with all other NYSE continued listing standards. The NYSE notice does not affect the Company's normal business operations or the listing of its common shares, which will continue to trade on the NYSE under the symbol "PPP". The NYSE will assign the stock a ".BC" designation to signify that the Company is "below criteria" with regard to the NYSE continued listing standards.
The Company will continue to actively monitor its NYSE share price and evaluate all available options to cure this deficiency within the prescribed six-month time frame.
PPP got a major boost today at NYSE, closed at 0.81, an over 11% gain in one day, on over 4 mil volume, very impressive.
one thing i noticed about this news release is that,
it made no mention of the tax issue, the very issue that was all over the news and in everyone of their own N.Rs in the past few months, and was widely considered as the major drawback .
i am hoping the issue is close to, if not already, mitigated, and it will be addressed in a separate N.R soon.
that being said,
one interesting observation on the U.S market activities, it looks like someone was trying to keep the lid on 0.8 ,unfortunately ran out of ammunation as the day went on, and made no last minute slam in the bids.
similar activities were obseved in the TSX in the past 2 trading days, someone held major resistance at 0.97 and 1.00, and ultimately rained on the bids in literally the final minute before market closed, and brought the closing price down to only 1-2 cents up from the day before.
looks like it will open at 1.06-1.08 range tomorrow at TSX.
GLTA