2014 Press Releases |
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June 20, 2014 Mediterranean Provides Update On Cease Trade Orders And Status Of Listing On The Toronto Stock ExchangeVancouver, B.C., Mediterranean Resources Ltd. (TSX:MNR; Frankfurt:MHM1) (“Mediterranean” or the “Company”) is pleased to announce that the cease trade order dated May 2, 2014 issued by the British Columbia Securities Commission was revoked on June 3, 2014, and the cease trade orders dated April 16, 2014 and May 14, 2014 issued by the Manitoba Securities Commission were revoked on April 17, 2014 and June 4, 2014, respectively. The Company filed an application on June 16, 2014 with the Ontario Securities Commission (“OSC”) for the revocation of the cease trade order dated May 20, 2014 (the “OSC CTO”). The cease trade orders were issued in connection with the Company’s late filing of its financial statements, management’s discussion and analysis, annual information form and related certifications for the year ended December 31, 2013. The Company is also pleased to announce that it has received a further extension with respect to the delisting of its common shares (the “Shares”) from the Toronto Stock Exchange (“TSX”), and that the Shares will now be delisted from the TSX at the close of business on Thursday July 17, 2014. On May 16, 2014, the TSX announced its decision to delist the Shares at the close of business on June 16, 2014. On May 23, 2014, the Company appealed the decision of the TSX with respect to the delisting of the Shares, and on June 10, 2014 the TSX announced an extension of the delisting date to June 19, 2014 in order to hear an appeal from the Company. On June 19, 2014, following the hearing of the Company’s appeal on June 18, 2014, the TSX announced a further extension of the delisting date to July 17, 2014. The Company has made an application to the TSX Venture Exchange (“TSXV”) to migrate the listing of its Shares from the TSX to the TSXV. There can be no assurance that a listing on the TSXV will be obtained before the Company is delisted from the TSX, or at all. The TSX has indicated that further extensions to the delist date may be granted if the TSX is confident that the Company is actively working to move to another market. Once the OSC CTO has been revoked, management of the Company intends to apply to the TSX to request that the suspension on trading of the Shares be lifted while the Company focuses on recommencing business operations of the Company, including development of the Company’s primary assets in Turkey. Signed on behalf of the Board of Directors, Disclaimer for Forward Looking Information The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
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