09:03:48 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Tasman Metals Ltd
Symbol TSM
Shares Issued 66,141,922
Close 2016-01-14 C$ 0.24
Market Cap C$ 15,874,061
Recent Sedar Documents

Tasman Metals to voluntarily delist from NYSE MKT

2016-01-15 08:47 ET - News Release

Mr. Mark Saxon reports

TASMAN ANNOUNCES VOLUNTARY DELISTING FROM THE NYSE MKT

Tasman Metals Ltd. intends to file a Form 25 (notification of removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934) with the U.S. Securities and Exchange Commission to voluntarily withdraw its common shares from listing on the NYSE MKT LLC.

The voluntary delisting is part of Tasman's cost monitoring program, and is intended to reduce listing fees and legal and administrative costs associated with the listing of the common shares on two separate stock exchanges. In addition, Tasman considered the fact that the NYSE MKT listing rules with respect to the maintenance of a minimum share price could require the company to undertake certain corporate or other actions primarily to meet such requirements, which may not be in the best interests of Tasman or its shareholders. Therefore, Tasman's board of directors determined that the compliance obligations, costs and burdens of maintaining a listing of the common shares on the NYSE MKT outweigh the benefits to Tasman at this time. The voluntary delisting from the NYSE MKT is a result of the company's low selling share price. Tasman's common shares will continue to be listed on the TSX Venture Exchange.

In addition, the company proposes to make an application to have its common shares qualified for quotation in the United States on the OTCQB. While this application has not yet been submitted, the company's goal is to have its common shares approved for quotation on the OTCQB on or around the same date they are delisted from the NYSE MKT; however, there can be no assurance that the company's common shares will be approved for quotation or that trading on the OTCQB will occur.

Tasman will continue to file reports with Canadian securities regulators on SEDAR. With respect to the company's reporting obligations with the United States Securities and Exchange Commission under the Securities Exchange Act of 1934, Tasman announces its intention to file a Form 15 with the SEC to cause its SEC reporting obligations under the 1934 Act to be terminated or suspended upon determination that Tasman satisfies all rules and regulations set forth in 1934 Act applicable to such termination or suspension. Tasman expects that termination of the company's reporting obligations will become effective 90 days after the filing of the Form 15 with the SEC; however, Tasman anticipates that its obligation to file reports with the SEC under the 1934 Act will be suspended immediately upon filing the Form 15 with the SEC.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.