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Proposed Delisting from AIM

4 Mar 2016 07:00

RNS Number : 0261R
Edge Resources Inc.
04 March 2016
 

TSX Venture Exchange Symbol: EDE

AIM Exchange Symbol: EDG March 4, 2016

EDGE RESOURCES INC. Calgary, Alberta

 

Edge Resources Inc. Announces Proposed Delisting From AIM

 

Edge Resources Inc. ("Edge" or the "Company") announces that its nominated advisor, Sanlam Securities UK Limited ("Sanlam"), intends to cease its nominated adviser and small cap broking business. Consequently, the Company will cease to have a nominated adviser on March 14, 2016.

Following receipt of Sanlam's notice, the Company undertook a strategic review process assessing the viability of its ongoing quotations on both AIM and the TSX-V. Edge has now taken the decision that, in light of the additional cost and regulatory burdens imposed upon the Company by having two quotations, it will not seek to appoint a new nominated adviser and therefore its admission to trading on AIM will be suspended from 7:30 a.m. on March 15, 2016.

Pursuant to Rule 1 of the AIM Rules for Companies, if an AIM company ceases to have a nominated adviser, trading in its securities will be suspended. Under the AIM Rules, the Company's admission to trading on AIM will be cancelled on April 15, 2016 (the "Cancellation Date"). Pursuant to Rule 41 of the AIM Rules, the Company intends to host a shareholder meeting in Calgary on April 11, 2016, at which shareholders will be given the opportunity to vote on the proposal. Shareholders will be provided with official notice and details of the shareholder meeting, including an information circular, in the coming days.

Shareholders should note though that even if less than 75% of votes cast at this meeting are in favour of the cancellation, the Company does not intend to appoint a new nominated adviser; and thus, trading in its shares on AIM will still be cancelled on the Cancellation Date.

Prior to March 15, 2016, shareholders may continue to trade their securities on AIM. Shareholders that hold their shares via Depositary Interests ("DIs") created by Computershare Investor Services PLC and held in CREST will not be required to move their holdings from CREST until such time as they wish to trade their DIs or transfer them to the Canadian Depositary System ("CDS").

The Company encourages shareholders to migrate their holdings of common shares to the Canadian shareholder register. DI holders wishing to transfer their position should contact their broker or independent professional adviser for the procedure to follow, or to contact Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZZ, telephone 0870 703 0027, for the procedure.

The Company has taken this decision in light of extremely challenging macro conditions and in order to further reduce its ongoing costs. Shareholders will still be able to trade the Company's shares on the TSX-V. The Company is also providing this advance notice to shareholders to help allow those UK based investors who do not wish to trade their shares on TSX-V to trade their shares on AIM ahead of the Company's suspension on March 14, 2016.

Brad Nichol, President and CEO of Edge, commented, "While it is an unfortunate decision that we've been forced to take, delisting from AIM is a necessary step to help ensure the Company stays viable in this extremely challenging oil and gas market. This market has forced many difficult decisions on management teams across the globe and it is my hope that our many supportive UK shareholders see this for what it is - a necessary step to help maintain the value of their investment, not abandon it."

 

For more information, visit the company website: www.edgeres.com or contact:

 

Brad Nichol, President and CEO Phone: +1 403 767 9905

 

Sanlam Securities UK Limited (NOMAD and Joint Broker) Phone: +44 20 7628 2200

Simon Clements / James Thomas

 

SP Angel Corporate Finance LLP (Joint Broker) Phone: +44 20 3463 2260

John MacKay / Richard Hail

 

 

About Edge Resources Inc.

 

Edge Resources is focused on developing a balanced portfolio of oil and natural gas assets from properties in Alberta and Saskatchewan, Canada. Management has consistently focused on:

 

1. Shallow, vertical, conventional programs with reduced capital, operational and geological risks

2. Very high or 100% working interests and fully operated assets

3. Pools and horizons with exceptionally high reserves in place

 

The management team's very high drilling success rate is based on the safe, efficient deployment of capital and a proven ability to efficiently execute in shallow formations, which gives Edge Resources a sustainable, low-cost, competitive advantage.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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