Spur Ventures Inc.: Listing on TSX Venture Exchange and Voluntary Delisting From Toronto Stock Exchange
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/22/12 -- (All amounts are expressed in Canadian dollars, unless otherwise stated)
Spur Ventures Inc. ("Spur" or the "Company") (TSX: SVU)(OTCBB: SPVEF) announced that is has formally applied to be voluntarily delisted from the Toronto Stock Exchange ("TSX") in conjunction with the Company's previously-submitted listing application to the TSX Venture Exchange ("TSX-V").
The voluntary delisting from the TSX follows the previously-announced successful completion of the disposition of its wholly-owned subsidiary, Spur Chemicals (BVI) Inc. ("Spur BVI"), to Hong Tang Vision Ltd. for cash consideration of $9.25 million.
The Company is in the process of reviewing and evaluating a number of opportunities to acquire eligible mining interests, and the Board has determined that the TSXV would best suit the needs of the Company while providing continued and seamless trading liquidity for the Company's shareholders.
The Company continues to work with both the TSX and the TSXV in relation to the voluntary delisting and listing application, respectively. The Company anticipates voluntarily delisting from the TSX and listing on the TSXV will occur simultaneously on or about March 22, 2012. The Company's common shares will continue to trade in the United States on the over the counter market under the symbol "SPVEF".
With the $9.25 million proceeds from the sale of Spur BVI, the Company has approximately $31 million (or $0.51 per share) in cash or cash equivalents, all held in Canadian financial institutions, with which to pursue its strategy to pursue advanced development or operating mineral assets in lower risk jurisdictions.
Further announcements will be made in due course as appropriate.
This news release contains "forward-looking statements". Forward-looking statements include, but are not limited to, statements with respect to the plans for completion of the disposition of all or substantially all of the Company's undertaking, future plans and objectives of the Company, estimation of mineral resources, the timing and content of upcoming programs, the realization of mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, delays in obtaining regulatory approvals on acceptable terms; delays in obtaining shareholder approval; risks related to international operations; actual results of planned expansion activities; changes in project parameters as plans continue to be refined; future prices of resources; exchange rates for Canadian, U.S. and Chinese currencies; possible variations in grade or recovery rates, accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; general economic, market or business conditions as well as those factors discussed under "Description of the Business - Risk Factors" in the Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements or information made in this press release, except as required under applicable securities legislation.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Spur Ventures Inc.
Dr. Robert Rennie
President and CEO
Spur Ventures Inc.
Irfan Shariff
CFO
(604) 689-5564
(604) 566-9050 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 22.02.2012 - 17:24 Uhr
Sprache: Deutsch
News-ID 117451
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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