The listings and qualifications panel has de-listed Casmyn from the National Association of Securities Dealers Automated Quotation, effective July 31.
The reason is that Casmyn did not comply with the minimum bid price requirement and did not meet the market-maker requirements.
Hanif Dahya and Sandro Kunzle resigned from Casmyn’s board, while Alexandre Cappello, Mark Zucker and Robert Deutschman were appointed to the board.
Casmyn is now engaged in discussions with holders of perferred stock to obtain a waiver of the penalty arising from the de-listing. “However, there are no assurances that the company will be able to obtain such a waiver,” the junior noted in a press release.
Casmyn holds a gold project in Zimbabwe, which failed to live up to expectations of reaching a production level of 100,000 oz. this year.
Casmyn’s financial woes also reflect losses from loans made to a subsidiary involved in water-purification technology.
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