PITTSBURGH The Toronto Stock Exchange (TSX) has started a review of Pure Nickel Inc. with respect to continued listing requirements, although the mining company said it "anticipates that it can demonstrate that it can meet the TSX criteria."
The Toronto-based company said it currently "meets all criteria save for the market capitalization requirement," adding that it "continues to be in a strong financial and operational position." The company said it currently has Canadian $1.6 million in cash and working capital of C$2.6 million. "Drilling is scheduled to commence at the MAN Alaska property in June. The programs budget of $3.5 million is fully funded by Pure Nickels partner, Itochu Corp. of Japan," the company said.
The TSX said Pure Nickel has been granted 120 days in which to regain compliance with the listing requirements.