Delisting from the Toronto Stock Exchange (1633I)
June 09 2011 - 5:45AM
UK Regulatory
TIDMMML
RNS Number : 1633I
Medusa Mining Limited
09 June 2011
MEDUSA MINING LIMITED
ABN: 60 099 377 849
Unit 7, 11 Preston Street
Como WA 6152
PO Box 860
Canning Bridge WA 6153
Telephone: 618-9367 0601
Facsimile: 618-9367 0602
Email: admin@medusamining.com.au
Internet: www.medusamining.com.au
ANNOUNCEMENT
09 June 2011
MEDUSA TO VOLUNTARILY DELIST FROM THE TORONTO STOCK EXCHANGE
The Board of Directors of Medusa Mining Limited ("Medusa" or the
"Company") advises that the Company is applying for the voluntary
delisting of its ordinary shares from the Toronto Stock Exchange
("TSX"). Subject to the application being accepted by the TSX, it
is expected that the ordinary shares will be delisted from the TSX
at the close of trading on or about Friday, 17 June 2011.
Medusa's ordinary shares are currently listed for trading on the
TSX, the Australian Securities Exchange ("ASX") and the main market
of the London Stock Exchange ("LSE"). Following the delisting from
the TSX, the Company's ordinary shares will continue to trade on
the ASX and the LSE.
When the Company meets the requirements to cease reporting to
the Ontario Securities Commission ("OSC"), it intends to apply to
the OSC to cease to be a reporting issuer in the Province of
Ontario (the only Canadian jurisdiction in which it reports).
Reasons for the voluntary delisting
After due and careful consideration, the decision to delist was
taken due to:
-- the limited trading volume of Medusa's shares on the TSX
since its listing in November 2009, compared to the trading
activity on the ASX and LSE; and
-- the low level of Medusa share ownership in Canada (fewer than
4% of the total number of ordinary shares of the Company are
reported as owned by Canadian residents).
The Board of Directors considers that the compliance costs and
administrative responsibilities of the Company in maintaining the
listing on the TSX, in addition to the costs associated with the
Company's two other exchange listings, are no longer
justifiable.
Implications of the delisting for shareholders on the Canadian
branch register only
As a consequence of the delisting, and prior to the closing of
the Canadian branch register, shareholders and/or CDS participants
currently on the Canadian branch register can request to have their
shareholdings transferred to the Australian branch register.
If a shareholder on the Canadian branch register does not
activate a move to the Australian branch register by 14 June 2011
(by instructing their broker to do so), their Canadian share
positions will be cancelled and their Medusa shares will be moved
to an issuer sponsored holding on the Australian branch register.
Shareholders whose shareholding is moved to an Australian issuer
sponsored holding will be sent an issuer sponsored holding
statement, either through their broker (which will automatically be
the case for those shareholders who do not instruct their broker by
the deadline referred to above) or directly.
Shareholders on the Canadian branch register are encouraged to
contact the Company's share registry for information on
1-800-564-6253 (toll free within North America) or
1-514-982-7555.
Managing Director, Geoff Davis, commented:
"Medusa has been marketing regularly in Canada for five years
and since listing on the TSX in November 2009, has only achieved a
disappointing shareholding base of less then 4% in Canada.
As this low level of interest and volume have not matched
expectations despite creditable production and exploration results,
it is with regret that the Company can no longer justify
maintaining a listing on the TSX."
For further information please contact:
Australia
Medusa Mining Limited +61 8 9367 0601
Geoffrey Davis, Managing Director
Roy Daniel, Finance Director
United Kingdom
Fairfax I.S. PLC +44 (0)20 7598 5368
Financial Adviser and Broker
Ewan Leggat/Laura Littley
Canada
Nicholas Sayce, Investor Relations +1 416 822 4404
This information is provided by RNS
The company news service from the London Stock Exchange
END
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