JOHANNESBURG, July 10, 2015 /PRNewswire/ - Atlatsa Resources Corporation ("Atlatsa" or the "Company") (TSX: ATL; JSE: ATL; NYSE MKT: ATL) announced today 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. The Company expects to file the Form 25 on July 20, 2015. The Company expects the delisting will be effective approximately 10 days following the filing of the Form 25.
The voluntary delisting is part of Atlatsa's on-going cost containment measures and is intended to simplify the administrative requirements of the Company, and to reduce listing fees and legal and administrative costs associated with the listing of the common shares on three separate stock exchanges. In addition, the Company considered the fact that the NYSE MKT listing rules with respect to the maintenance of a minimum share price could require the Company to undertake certain corporate or other actions primarily to meet such requirements, which may not be in the best interest of the Company or its shareholders. Therefore, the Board of Directors determined that the compliance obligations, costs and burdens of maintaining a listing of the common shares on the NYSE MKT outweigh the benefits to the Company at this time.
Atlatsa's common shares will continue to be listed on the Toronto Stock Exchange (the "TSX") and the JSE Limited, two of the world's premier stock exchanges for mining companies. U.S. shareholders should be able to trade their Atlatsa shares on the TSX through U.S. broker-dealers that have Canadian registered broker-dealer affiliates. In addition, the Company expects the common shares will be quoted on the U.S. over-the-counter ("OTC") markets following the delisting; however, there can be no assurance that trading on the OTC markets will occur. The Company will continue to file reports with Canadian securities regulators on SEDAR and with the SEC following the voluntary delisting.
SOURCE Atlatsa Resources Corporation