- Mining company SRHI (SRHI) has received an extension of its listing review period from the Toronto Stock Exchange
- The TSX began reviewing the eligibility of the company’s securities for continued listing on the exchange in May 2020
- This 30-day extension will allow SRHI to complete necessary documentation required under its Judicial Reorganisation Agreement from August
- As such, the TSX will defer its decision about potentially delisting company shares until December 4, 2020
- SRHI (SRHI) is up 10 per cent and is currently trading for C$0.22 per share
Mining company SRHI (SRHI) has received an extension of its listing review period from the Toronto Stock Exchange.
The TSX began reviewing if the company’s securities were eligible for continued listing on the exchange in May of this year. The review was the result of SRHI’s press release from May 12, “SRHI Inc Announces MTV Files for Creditor Protection in Chile”.
SRHI, known at the time as Sprott Resource Holdings, was granted 120 days to comply with all requirements of the TSX Company Manual in order to continue listing.
The company has been allowed to continue trading its securities on the TSX during the review period. While this initial review period ended on September 10, this extension from the TSX has provided the company with 30 more days to meets the requirements.
As such, the TSX will defer its decision about potentially delisting the company’s shares until December 4, 2020.
The extension will allow SRHI to complete necessary and customary documentation which is required under the company’s Judicial Reorganisation Agreement (JRA). The company entered into its JRA on August 24, 2020, and announced a successful resolution to the creditor protection process which prompted the review in May.
SRHI is now in the final stages of completing the JRA’s documentation, which is essential to the agreement’s execution. The company previously expected that the documentation would be complete by October 30, but has pushed back this anticipated deadline to November 13.
The deferral is reportedly due to unforeseen procedural delays which took place in completing the documentation. If SRHI is unable to complete the documentation and regain compliance with TSX listing requirements, its shares may be delisted from the exchange.
If this should occur, the company will seek our alternative listing platforms for its securities.
SRHI (SRHI) is up 10 per cent and is trading for C$0.22 per share, as of 12:23pm EST.