Financially troubled Trevali Mining will be delisted from the Toronto Stock Exchange (TSX) on October 3.
Trading in Trevali’s shares has been suspended since August 22, when the company filed for protection under the Companies’ Creditors Arrangement Act and this suspension will continue until the delisting takes effect.
In addition to the TSX delisting, the company expects its common shares will also be delisted in due course from the other exchanges on which the common shares currently trade.
“Shareholders retain their legal rights and equity interest and are advised to contact their brokerage where shares are held regarding retention policies for unlisted shareholdings and potential for shares to trade in over-the-counter markets,” the company said.
Last month the miner suspended the planned expansion of its Rosh Pinah mine, which aimed to increase the mines throughput from 0.7 million tonnes a year to 1.3 million tonnes, a year after defaulting on a N$124.4 million (US$7.5 million) revolving credit facility repayment.
An N$330 million (US$20 million) Early Works programme at Rosh Pinah Mine had earlier been put under review.
Early this month, the base metals miner received credit approval from Standard Bank Namibia and Standard Bank of South Africa for a Senior Secured Financing Facility of N$1.86 billion (US$110 million) to fund the expansion, but still has to negotiate other components of the agreement.
This comes as the TSX-listed firm has faced several setbacks in the past few months, including a flooding event that shuttered its Perkoa mine, in Burkina Faso. The Caribou operation, in Canada, continues to suffer from low productivity rates and equipment availability.
