Last checked at 2 May 2008 07:00
Medoro Resources Announces Proposal to De-list from AIM
TORONTO, May 2 /CNW/ - Medoro Resources Ltd. announced today that it proposes to request that the London Stock Exchange plc cancel the admission of its common shares from AIM. Cancellation is subject to passing of a special resolution at an Annual and Special Meeting of Shareholders to be held at 10:00 am (Toronto time) on May 27, 2008 at the offices of Blake, Cassels & Graydon LLP, 199 Bay Street, Suite 2800, Commerce Court West, Toronto, Ontario, Canada. In order to be passed, 75% of the votes cast at the meeting in person or by proxy must be voted in favour of the resolution. Should such resolution be passed, it is anticipated that the cancellation of trading on AIM will be effected on or around June 5, 2008. A circular convening the meeting will be sent to Medoro shareholders shortly and can now be accessed through www.sedar.com.
Rationale for Cancellation
When the company was first established, much of the liquidity in its shares arose from activity on AIM; however, over the past four years, that has shifted dramatically so that the vast majority of the trading and liquidity arises from the company's listing on the TSX Venture Exchange.
Due to the relatively low number of the Company's shareholders holding shares on the Jersey shareholder register (Jersey being where the AIM shareholder register is maintained), and the low volume of trading in shares on AIM, as compared to the regulatory and financial commitment required to maintain an AIM listing, the board of Medoro considers it in the best interest of the Company to seek a cancellation of its shares from trading on AIM. The relatively low profile of the Company and inactive trading on AIM do not, in the Board's view, justify the costs and inconvenience of maintaining a second listing on AIM.
As an alternative market will continue to exist for the trading in the shares, given the Company's continued listing on the TSXV, shareholders currently trading or holding AIM listed shares on the Jersey shareholder register, will continue to be able to trade their shares on the TSXV and should therefore not be materially prejudiced by the proposed cancellation from AIM. Shareholders who have traded on AIM or hold their shares on the Jersey shareholder register are advised to consult their stockbroker, bank manager, solicitor, accountant or other independent professional adviser for the procedure to follow to transmit their shares to the Canadian shareholder register, or to contact the company's UK transfer agents at Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU or by phone on 0871 664 0300 (Calls cost 10 pence per minute plus network extras), +44 (0)20 8639 3399 (from outside the UK), +44 (0) 8639 2220 or ssd(at)capitaregistrars.com for the procedure to follow. For those not familiar with the Canadian securities system, public information on the Company can be accessed through www.sedar.com, an independent website on which all regulatory filings must be made.
Medoro Resources is a gold exploration and development company focused on acquiring properties of merit for potential joint ventures with senior producers. The company holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela and interests in eleven gold exploration areas in the Republic of Mali. Additional information on the company can be found by visiting the company's website at www.medororesources.com. Medoro's Nominated Adviser for the purposes of AIM is Canaccord Adams Ltd. (Ryan Gaffney/Robin Birchall), +44 (0) 20 7050 6500.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements are detailed from time to time in the company's periodic reports filed with the British Columbia Securities Commission and other regulatory authorities. The company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information: Robert Doyle, Chief Executive Officer, (416) 603-4653, rdoyle@medororesources.com (MRS. MRL)
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