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.
"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.