Avalon Announces Voluntary Delisting From NYSE MKT
November 27 2015 - 4:10PM
Avalon Rare Metals Inc. (TSX:AVL)
(NYSE MKT:AVL) ("Avalon" or the "Company) announces its intention
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 (the "SEC")
to voluntarily withdraw its common shares from listing on the NYSE
MKT LLC ("NYSE MKT"). Avalon expects to file the Form 25 on
December 7, 2015. Avalon expects the delisting will be effective
approximately 10 days after the filing of the Form 25.
The voluntary delisting from the NYSE MKT is a result of the
Company being deemed to be not in compliance with the continued
listing standards of the NYSE MKT, due to the Company's recent low
selling share price (see the Company's news release dated August 5,
2015). In order to maintain the Company's listing on the NYSE MKT,
Avalon would have had to effect a share consolidation, which would
have required approval by the Company's shareholders at the
upcoming annual general meeting ("AGM") in February, 2016.
After many discussions with shareholders, the Board of Directors
determined that a resolution for a share consolidation would not
have secured sufficient support at the upcoming AGM, and may
otherwise have been detrimental to the shareholders' long term
interest. Accordingly, the Company has chosen to delist its common
shares from the NYSE MKT, rather than pursue a share
consolidation.
Avalon's common shares will continue to be listed on the Toronto
Stock Exchange, which is one of the world's premier stock exchanges
for mineral exploration and development companies. U.S.
shareholders should be able to trade their Avalon shares on the TSX
through U.S. broker-dealers who have Canadian registered
broker-dealer affiliates.
In addition, the Company has applied to have its common shares
qualified for trading in the United States on the OTCQX® Best
Market ("OTCQX"). While this application has not yet been approved,
it is anticipated that the Company's shares will commence trading
on the OTCQX on the same date they are delisted from the NYSE MKT
to maintain continuous market access for trading the Company's
common shares in US dollars.
The Company will continue to be a reporting issuer with the SEC
following the voluntary delisting.
For questions or feedback, please email the Company at
ir@avalonraremetals.com, or phone Don Bubar, President & CEO,
at 416-364-4938.
Cautionary Statement
This news release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements regarding that the Company's expects to file the Form 25
on December 7, 2015, that in order to maintain the Company's
listing on the NYSE MKT, Avalon would have had to effect a share
consolidation, that a share consolidation would likely not have
passed at the upcoming AGM, and may otherwise have been detrimental
to the Company's share price, that Avalon's common shares will
continue to be listed on the Toronto Stock Exchange, that U.S.
shareholders should be able to trade their Avalon shares on the TSX
through U.S. broker-dealers who have Canadian registered
broker-dealer affiliates, that it is anticipated that the Company's
shares will commence trading on the OTCQX on the same date they are
delisted from the NYSE MKT and that the Company will continue to be
a reporting issuer with the SEC following the voluntary delisting.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "potential",
"scheduled", "anticipates", "continues", "expects" or "does not
expect", "is expected", "scheduled", "targeted", "planned", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be" or "will not be" taken, reached or result, "will
occur" or "be achieved". Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of Avalon to be materially different from those
expressed or implied by such forward-looking statements.
Forward-looking statements are based on assumptions management
believes to be reasonable at the time such statements are made.
Although Avalon has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
Factors that may cause actual results to differ materially from
expected results described in forward-looking statements include,
but are not limited to market conditions, as well as those risk
factors set out in the Company's current Annual Information Form,
Management's Discussion and Analysis and other disclosure documents
available under the Company's profile at www.SEDAR.com. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Such forward-looking statements
have been provided for the purpose of assisting investors in
understanding the Company's plans and objectives and may not be
appropriate for other purposes. Accordingly, readers should not
place undue reliance on forward-looking statements. Avalon does not
undertake to update any forward-looking statements that are
contained herein, except in accordance with applicable securities
laws.
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