Mountain Province Diamonds, 49 per cent owner of Gahcho Kue Mine, is pulling itself off the NASDAQ.
The company wasn’t complying with the stock market’s rule of maintaining a minimum bid price of $1 per share, prompting its slated departure slated on Feb. 10, it stated in a Thursday news release.
In an Aug. 13, 2019 news release, after a month of its shares dipping below $1 on the market, the company stated it would have a 180-day period to regain compliance ending on Feb. 10.
It meanwhile had the option to apply for a six-month extension to be listed and meet the $1 benchmark, but in the Thursday news release said this would be too costly, and would be “no longer justified.”
It will continue to trade on the TSX, which covers the majority of its daily trade volume, the news release stated.
“The Company is currently evaluating alternative platforms for future listings in order to increase liquidity and will be updating the market accordingly,” it stated.
In a Jan. 23 statement on the company’s fourth quarter sales and production results, president and CEO Stuart Brown noted a “somewhat difficult” diamond market that he said would rebound heading into 2020.
“Gahcho Kue has a long mine life, and as demonstrated in 2019 with the discovery of the Wilson Kimberlite a strong potential for additional discoveries in our highly prospective land package,” he stated.