17th Apr 2014 12:16
LONDON (Alliance News) - Touchstone Gold Ltd Thursday said it has requested to voluntarily delist from the Toronto Stock Exchange, a process expected to take place on April 23.
The gold mining company, which is yet to produce any revenues, said in reaching its decision, the Board considered amongst other things, that the company currently did not meet the TSX's listing requirements and that a delisting would further reduce the company's working capital requirements.
The company said its shares will continue to trade on the Alternative Investment Market in London, where it has traded since June 2011.
The news comes weeks after the company announced that its pretax loss widened in 2013 as it a wrote down the value of assets including property and equipment, and it again warned that it faced defaulting on some payments if it can't get new funding.
The company suspended all exploration activities during 2013 after being hit hard by the fall in the gold price and said in January that its concession contracts may have to be ceded back to the vendors and Touchstone may lose all or part of its interest in those concessions if it cannot find additional funding.
Earlier in April, the company said it is continuing to review a number of options in order to secure financing and reiterated that if it cannot gain funding, it will be unable to meet its scheduled payments to vendors on its concession contracts.
Touchstone Gold shares were untraded at 0.3 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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