21 Oct 2013 07:00
21 October 2013 AIM: AMA / TSX: AMZ
Amara Mining plc("Amara" or "the Company")
APPLICATION FOR VOLUNTARY DELISTING FROM TSX:
ORDINARY SHARES TO CONTINUE TRADING ON AIM
Amara Mining plc, the West African focused gold mining company, today announces that it has applied for voluntary delisting of its ordinary shares from the Toronto Stock Exchange ("TSX"). Amara's ordinary shares are currently listed for trading on the TSX and the AIM market of the London Stock Exchange ("AIM").
Those shareholders who currently hold Amara ordinary shares in their ISA will be able to continue to do so as a result of the decision by The Treasury of the UK Parliament to extend the range of qualifying ISA investments to include company shares admitted to trading on AIM, which came into effect on 5 August 2013.
The Directors of the Company believe that the minimal trading activity of Amara's ordinary shares on the TSX no longer justifies the expenses and administrative efforts associated with maintaining this dual listing, with Amara's AIM listing providing its shareholders with sufficient liquidity. The administrative and regulatory efficiencies provided by focusing on a single listing are part of a wider package of cost cutting measures adopted by Amara, details of which were set out in the H1/Q2 2013 results announced on 10 September 2013. The delisting is not expected to have any impact on Amara's ongoing operations, nor on its ability to raise further funds, if required, to progress the continued development of its projects.
Amara is committed to maintaining its compliance to National Instrument 43-101 for the reporting of Mineral Resources and Mineral Reserves, representing the Company's transparent approach.
Subject to the application being accepted by the TSX, it is expected that the ordinary shares will be delisted from the TSX at the close of trading on or around 25 October 2013 with Amara's ordinary shares continuing to trade on the AIM under the symbol "AMA".
Following delisting from the TSX, the Canadian register will be closed. Amara intends to apply in due course to the security commissions in Canada for cessation of the Company's reporting issuer status.
Implications of the delisting for shareholders on the Canadian branch register only
As a consequence of the TSX delisting, and prior to the closing of the Canadian register, brokers holding their shares through CDS, currently on the Canadian register, can request to have their shares transferred to the UK main register maintained by Capita Asset Services.
We have been informed by CDS that they will not hold Participants' positions on the UK register under the registration of CDS. Until the shares are moved over to the UK register, Participants and beneficial holders will be unable to trade their shares on AIM.
For Beneficial Holders, (or if your shares are held by your broker), if you wish to move your shares over to the UK register, your broker must complete and submit the "Removal Request Form - to TMX Equity Transfer Services Inc." on your behalf.
Shareholders who hold their shares through a Canadian broker are encouraged to contact their broker.
For more information please contact:
Amara Mining plc +44 (0)20 7398 1420
John McGloin, Chairman Peter Spivey, Chief Executive Officer Pete Gardner, Finance Director Katharine Sutton, Head of Investor Relations
Canaccord Genuity Limited +44 (0)20 7523 8000
(Nominated Adviser & Broker, London)Andrew ChubbNeil Elliot
Bell Pottinger - Pelham +44 (0)20 7861 3232
(Financial Public Relations)Charlie VivianJames Macfarlane
About Amara Mining plc
Amara is a gold developer-producer with assets in West Africa. The Company generates cash flow through its Kalsaka gold mine in Burkina Faso, where the production profile has been enhanced by the acquisition of the neighbouring Sega project. Amara remains focused on its objective of becoming a mid-tier producer through the development of its Baomahun project in Sierra Leone and its Yaoure project in Côte d'Ivoire. With its experience of bringing new mines into production and a project pipeline spanning three countries, Amara aims to further increase its production profile with highly prospective opportunities across all assets.
This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.
All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, or the delisting of the Company's ordinary shares are forward-looking information that involves various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Amara does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.