NEW YORK Pure Nickel Inc. will move to the TSX Venture Exchange next month in response to its delisting from the Toronto Stock Exchange (TSX).
The TSX placed Toronto-based Pure Nickel under review May 7 for failing to meet a minimum $3-million market capitalization listing requirement, granting it 120 days to regain compliance (amm.com, May 7). In June, Pure Nickel said it remained confident it would pass the review (amm.com, June 25).
But with Pure Nickels shares trading at 3 cents on the TSX and missing the review target of maintaining a 4.5-cent share price over 30 consecutive days, the exchange said Sept. 9 that it would delist the common shares at the market close Oct. 9. The move to the smaller TSX Venture Exchange will occur by early October with "no disruption in the trading" of Pure Nickels stock, it said.
"We have no control over stock price and the resource market is tumultuous," Pure Nickel spokeswoman Lisa Buchan told AMM.