Quaterra to Voluntarily Delist from the NYSE and Apply to Transfer to OTCQX Marketplace
January 17 2014 - 8:00AM
Marketwired
Quaterra to Voluntarily Delist from the NYSE and Apply to Transfer
to OTCQX Marketplace
Common shares will continue to trade on TSX Venture Exchange
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 17, 2014) -
Quaterra Resources Inc. ("Quaterra" or the "Company")
(TSX-VENTURE:QTA)(NYSEMKT:QMM) today announced its intention to
voluntarily delist its common shares from the NYSEMKT (the
"Exchange"). The Company's shares will continue to trade on the TSX
Venture Exchange ("TSXV") and the Company is applying to have its
common shares traded on the OTCQX quotation system operated by the
OTC Markets Group once the delisting from the NYSEMKT comes into
effect. Scarsdale Equities LLC will act as the Company's Principal
American Liaison ("PAL"), responsible for providing guidance on
OTCQX requirements.
The OTCQX is the OTC's highest tier reserved for companies that
meet financial standards, undergo management reviews and provide
timely news and disclosures to investors. The Company believes
trading on the OTCQX will offer benefits similar to a traditional
exchange listing with major institutional investor participation,
transparency and strong liquidity.
On January 15, 2014, the NYSEMKT verbally advised Quaterra that
its submissions in support of the extension of time to become
compliant with certain continued listing standards in Part 10 of
the NYSEMKT Company Guide have not been accepted.
After careful consideration the Company has decided voluntarily
to delist its shares from trading on the NYSEMKT after coming to
the conclusion that the disadvantages of maintaining a listing on
the Exchange outweigh the benefits to Quaterra and its
shareholders. Among the factors considered were the expense of the
appeal process and compliance plan and a lack of certainty that
Quaterra could achieve a plan acceptable to the Exchange; the
ongoing costs and expenses, both, direct and indirect, associated
with having Quaterra's common stock listed on the Exchange; and the
general tone of the resource sector.
As previously announced, Quaterra received a notice from the
NYSEMKT on June 6, 2013, that it was not in compliance with certain
continued listing requirements of the Exchange (please see release
dated June 13, 2013, for details). Quaterra was given until July 8,
2013, to submit a plan addressing how it intended to regain
compliance. In August 2013, the NYSEMKT notified the Company it had
accepted the Company's plan and granted an extension until October
2013 for Quaterra to regain compliance (August 8, 2103 release). On
October 31, 2013, the Company was given a further extension until
January 15, 2014 (November 6, 2013 release). On January 15, 2014,
the Exchange was informed by the Company of its intention to file a
voluntary delisting application.
To be disclosed in a notice to the NYSEMKT, Quaterra expects to
file a notification of intent for removal from listing on the
NYSEMKT on Form 25 with the SEC on or about January 21, 2014. Form
25 will then be filed on or about January 27, 2014. The withdrawal
of the shares from listing should be effective 12 days after the
filing of the notice. Accordingly, the Company anticipates that the
last day of trading for the Shares on the NYSEMKT will be on or
about February 7, 2014. Following delisting of the Shares, Quaterra
will continue to file or furnish reports with the SEC. Immediately
after delisting from NYSEMKT the Company's common shares will be
traded on the OTC trading system.
The delisting of the Shares from the NYSEMKT will not affect the
listing of the Shares on the TSX Venture Exchange and the shares
will continue to trade on the TSXV after the NYSEMKT delisting
becomes effective. Quaterra will comply with, and continue to be
subject to, the federal laws of Canada, the jurisdiction in which
Quaterra is incorporated, as well as Canadian securities laws and
corporate governance rules applicable to Canadian publicly listed
companies, including the rules of the TSXV.
About Quaterra Resources, Inc.
Quaterra Resources Inc. (TSX-VENTURE:QTA)(NYSEMKT:QMM) is a
junior exploration and development company with a successful track
record of making significant mineral discoveries in North America.
The Company's primary objective is the advancement of its flagship
projects in the Yerington copper district, Nevada. The monetization
of non-core assets is in progress to accelerate this effort.
On behalf of the Board of Directors,
Mr. Scott Hean, CFO
Quaterra Resources Inc.
Disclosure note:
Some statements contained in this news release are
forward-looking statements within the safe harbor of the Private
Securities Litigation Reform Act of 1995. These statements
generally are identified by words such as the Company "believes",
"expects", and similar language, or convey estimates and statements
that describe the Company's future plans, objectives or goals.
Since forward-looking statements are based on assumptions and
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Further information
regarding risks and uncertainties which may cause results to differ
materially from those projected in forward-looking statements, are
included in filings by the Company with securities regulatory
authorities. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date
thereof. The Company does not undertake to update any
forward-looking statement that may be made from time to time except
in accordance with applicable securities laws. References may be
made in this press release to historic mineral resource estimates.
None of these are NI 43-101 compliant and a qualified person has
not done sufficient work to classify these historic estimates as a
current mineral resource. They should not be relied upon and
Quaterra does not treat them as current mineral resources.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Should you wish to receive news releases by fax please provide
your contact details to Quaterra at 604-681-9059
(direct), 1-855-681-9059 (toll
free) or email info.
Quaterra Resources Inc.Mr. Scott HeanCFO(604) 641-2747For
information on trading Quaterra stockon the OTC please
contact:Scarsdale Equities LLCChristopher Thunen(415) 975-4305
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