TORONTO, ONTARIO, May 22, 2015 (Marketwired via COMTEX) —
Buffalo Coal Corp. (BUF)(jse:BUC) (“Buffalo” or the
“Company”), a mining company focussed on the production of coal in
South Africa, announced on May 21, 2015, that it has been notified by
the Toronto Stock Exchange (“TSX”) that it is being placed under
delisting review in respect of its common shares.
The TSX has advised the Company that it is reviewing whether the
Company meets the continued listing requirements of the TSX in the
following areas: (i) the Company’s financial condition and operating
results, and (ii) the market value of publicly held listed securities
of the Company.
The Company is being reviewed under the Remedial Review Process of
the TSX and has been granted an initial period of 120 days to comply
with all requirements of the TSX for continued listing. If the
Company is unable to demonstrate on or before September 18, 2015 that
it meets the requirements for continued listing on the TSX, its
securities will be delisted 30 days from such date.
The Company will be working with the TSX throughout the review
process to satisfy the continued listing requirements. In the event
the Company is unable to continue with the listing of its securities
on the TSX, the Company will assess other listing alternatives in
Canada.
About Buffalo Coal Corp.
Buffalo is a coal producer in southern Africa. It holds a majority
interest in two operating mines through its 100% interest in Buffalo
Coal Dundee (Pty) Ltd, a South African company which has a 70%
interest in Zinoju Coal (Pty) Ltd (“Zinoju”). Zinoju holds a 100%
interest in the Magdalena bituminous mine and the Aviemore anthracite
mine in South Africa. Buffalo has an experienced coal-focused
management team.
Cautionary Statements
This press release contains “forward-looking information” within the
meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the future financial or operating
performance of Buffalo and its projects. Generally, forward-looking
information can be identified by the use of forward-looking
terminology 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 state that certain actions,
events or results “may”, “could”, “would”, “might” or “will be
taken”, “occur” or “be achieved”. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of Buffalo to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: general business, economic, competitive, foreign
operations, political and social uncertainties; a history of
operating losses; delay or failure to receive board or regulatory
approvals; timing and availability of external financing on
acceptable terms; not realizing on the potential benefits of the
proposed transaction; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of
mineral products; failure of plant, equipment or processes to operate
as anticipated; accidents, labour disputes and other risks of the
mining industry; and, delays in obtaining governmental approvals or
required financing or in the completion of activities. Although
Buffalo has attempted to identify important factors that could cause
actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such information 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 information. Buffalo does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Contacts: Buffalo Coal Corp. Malcolm Campbell Chief Executive Officer +27 82 924 4444 malcolm.campbell@buffalocoal.co.za Buffalo Coal Corp. Sarah Williams Chief Financial Officer +27 83 781 1405 sarah.williams@buffalocoal.co.za
SOURCE: Buffalo Coal Corp.
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