Reasoning that “the limited trading volume of Mirabela's shares on the TSX over a sustained period of time” wasn’t helping the company bottom line, executives at Mirabela Nickel (
TSX:T.MNB,
Stock Forum) have decided to voluntarily delist the company.
“It is not expected that maintaining the listing will deliver significant future value for the Company and its Canadian Shareholders,” said a Mirabela statement delivering the news.
Shares in the $43 million market cap Australian explorer dropped $0.015, falling 23.08% to $0.05 in afternoon trading Wednesday, a 52-week low for the company.
Mirabela’s share price is a far cry from its over-$7 valuation in 2008, or even its 52-week high of $0.62.
In unaudited results from Q2 ending June 30, 2013, the company boasted sales of nickel in concentrate of 4,168 tonnes, up slightly from Q1 (3,907 tonnes), with cash on hand of $108.12 million, down from $140.8 million in Q1.
The company trades on the grey market under the ticker symbol MRBAF.