Loncor Decides to Voluntarily Delist from the NYSEMKT
02 Abril 2014 - 9:30AM
Marketwired
Loncor Decides to Voluntarily Delist from the NYSEMKT
TORONTO, ONTARIO--(Marketwired - Apr 2, 2014) - Loncor Resources
Inc. (the "Company" or "Loncor") (TSX:LN)(NYSEMKT:LON) announces
that it is voluntarily delisting from the NYSEMKT LLC (the
"NYSEMKT"). As noted in the Company's press release of March 10,
2014, the Company received a letter from the NYSEMKT advising that
the NYSEMKT has determined that the Company is currently not in
compliance with Sections 1002(c) and 1003(c)(i) of the NYSEMKT
Company Guide.
The NYSEMKT had given the Company until April 2, 2014 to submit
a plan of compliance outlining how the Company intends to regain
compliance by March 4, 2015. Instead, the Company has decided to
submit written notice to the NYSEMKT that it will be voluntarily
delisting its common shares from the NYSEMKT. The Company further
intends to file a Form 25 with the United States Securities
Exchange Commission to complete the voluntary delisting of its
common shares from the NYSEMKT, which will become effective 10 days
after the filing date.
The Company decided to take this action after concluding that
the disadvantages of maintaining its listing on the NYSEMKT
outweighed the benefits to the Company and its shareholders. Among
the factors considered were the ongoing costs and expenses, both
direct and indirect, associated with having the Company's common
shares listed on the NYSEMKT and the costs of preparing the
requested compliance plan and taking the actions that would be
required to implement the plan. The Company believes that continued
distress in the minerals sector will result in opportunities that
will be beneficial to shareholders, and that having regard to
current conditions in the minerals sector the Company should for
now limit its expenses, of which listing fees on the NYSEMKT and
the costs of preparing and implementing a compliance plan are
components. The Company is following a prudent strategy and does
not want to rush into or engage in activities and incur related
expenses solely in order to meet NYSEMKT continued listing
requirements.
The Company does not believe that its shareholders in the United
States will be materially prejudiced by a voluntary delisting from
the NYSEMKT since its United States shareholders will be able to
trade the common shares on the over-the-counter market in the
United States on the OTCQB tier of the OTC Link and through the
facilities of the Toronto Stock Exchange.
Loncor Resources Inc. is a Canadian gold exploration company
focused on two projects in the Democratic Republic of the Congo
("DRC") - the Ngayu and North Kivu projects. The Company has
exclusive gold rights to an area covering 2,087 km2 of the Ngayu
Archaean greenstone belt in Orientale province in the northeast DRC
and is its main focus of exploration. Loncor also owns or controls
51 exploration permits covering areas in North Kivu province
located west of the city of Butembo. Both areas have historic gold
production. Additional information with respect to the Company's
projects can be found on the Company's web site at
www.loncor.com.
For further information, please visit our website at
www.loncor.com
Naomi NemethInvestor RelationsT: 1 (416) 366-9189 or 1 (800)
714-7938, Ext. 2802info@loncor.com
Loncor Gold (QX) (USOTC:LONCF)
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