NEW YORK Pure Nickel Inc. remains confident that it will pass a delisting review initiated by the Toronto Stock Exchange (TSX), the Toronto-based exploration company said June 24.
Pure Nickel "anticipates that it will meet the TSX criteria" in the review, which was initiated in May after Pure Nickels market capital fell below Canadian $3 million for 30 consecutive trading days due to a low share price (amm.com, May 7).
The company said it has 120 days to comply with the requirements for continued listing, specifically that the price of Pure Nickels shares be maintained at or above C$0.045 for 30 consecutive trading days. The companys share price was C$0.045 at the close June 24.
Meanwhile, the company has appointed controller Jennifer Scoffield as chief financial officer. Scoffield had been named interim chief financial officer following the resignation of Jeffrey Sherman last month (amm.com, May 23).
The company reported this week that it had net working capital of C$2.5 million ($2.4 million) as of May 31. The company posted a net loss of C$466,000 ($443,000) for the three months ended May 31 vs. a net loss of C$485,000 in the same period last year.
The company recently started exploration activity at its Man property in Alaska, which is being explored under a joint-venture agreement with Tokyo-based Itochu Corp.