Junior mining companies facing the boot from the Toronto Stock Exchange under strict new listing requirements have four months to turn their fortunes around.
Starting Aug. 1, the TSE will delist any resource company that fails to meet its revised listing requirements. Based in part on recommendations made by the Mining Standards Task Force, formed in the wake of the Bre-X Minerals scandal, and on the restructuring last year of the country’s capital markets, the new requirements are designed to eliminate inactive or poorly performing listings. Disclosure requirements will also be tougher.
Under the new rules, resource companies must have a minimum exploration budget of $350,000 or sales of at least $3 million. Companies must also have a minimum capitalization of $3 million, with publicly floated shares valued at $2 million.
The revisions to listing requirements were approved March 31 by the Ontario Securities Commission and implemented April 1.
In all, 37 juniors have four months to comply. These include: American Bullion Minerals; Athabasca Gold Resources; Chase Resource; Colony Pacific Explorations; Crown Butte Resources; Cusac Gold Mines; Elkhorn Gold Mining; Fairfield Minerals; Getty Copper; Ghana Gold Mines; Globex Mining; Hillsborough Resources; Inter-Rock Minerals; Jonpol Exploration; Kettle River Resources; Laguna Gold; Laramide Resources; Manson Creek; Resources; Marshall Minerals; Mentor Exploration & Development; Metalore Resources; Misty Mountain Gold; Moneta Porcupine Mines; Moss Lake Gold Mines; Northern Crown Mines; NSR Resources; Philex Gold; Redaurum; Roycefield Resources; Starrex Mining; Stroud Resources; Tintina Mines; Trans Hex International; Tyler Resources; Ursa Major International; and Win-Eldrich Mines.
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