TORONTO, ONTARIO--(Marketwired - July 20, 2015) - MagIndustries Corp. (TSX:MAA) ("MagIndustries" or the "Corporation") announced today that the Toronto Stock Exchange (the "TSX") has confirmed that the TSX Continued Listings Committee has determined to delist the Corporation's securities effective at the close of market on August 19, 2015. The delisting was imposed for failure by the Corporation to meet the continued listing requirements of the TSX.
The Corporation is continuing in its efforts to complete a financing or alternative transaction with Qinghai Salt Lake Industry Company Limited ("Salt Lake") as set forth in the Corporation's press releases of February 9, 2015, April 6, 2015, July 7, 2015 and July 15, 2015. Furthermore it is continuing its efforts to identify a successor auditor and to finalize its outstanding financial statements. The Corporation will make further announcements regarding these and other matters as developments warrant.
About MagIndustries Corp.
MagIndustries is a Canadian company whose common shares are listed on the Toronto Stock Exchange under the symbol "MAA". The Company has 755,942,674 common shares outstanding. MagIndustries is focused on the development of its potash assets in the Republic of Congo. More information on the Company is available on its website, www.magindustries.com.
Forward-Looking Information
Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, country policy and political risks, currency exchange risk, changing market conditions, force majeure events, and other risks detailed from time-to-time in the Company's ongoing filings. Specifically with respect to this press release, the Company may not be able to complete a transaction with Salt Lake, file its outstanding financial statements and/or identify a successor auditor. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under the Company's continuous disclosure obligations.