Shares of International Precious Metals (IPMC-C) have been delisted from the Nasdaq SmallCap Market after regulators raised concerns about the “adequacy” of the company’s disclosure during the 18-month period ended Nov.
14, 1997.
IPM continues to trade on the Canadian Dealing Network. Le Furlong, a flamboyant Australian geophysicist, resigned as president shortly before the announcement was made.
IPM’s board argued that Nasdaq staff showed “a clear lack of understanding” on issues relating to mineral exploration, research and development. They also said staff failed to recognize that IPM had discovered “a new type of precious metal deposit,” in which the mineralization does not respond to conventional assaying techniques. Nasdaq officials were not swayed; the reason for the delisting was recorded as “public interest.”
IPM’s controversial “deposit” has generated more skeptics than gold. In a bizarre ruling last year, an Arizona judge muzzled two officials from Arizona’s Department of Mines and Mineral Resources who publicly questioned the validity of IPM’s claims after samples from the property tested by their department showed little or no traces of precious metals. Prior to that, the Toronto Stock Exchange dispatched an independent engineering firm to test samples from IPM’s property; again, little or no precious metals were found.
IPM’s shares are now trading below 30cents, down from a high of $14. The stock was heavily promoted on Internet message boards.
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