Southwestern to Voluntarily Terminate Its U.S. Registration and SEC Reporting Obligationsadmin
Southwestern Resources Corp. announces that it has filed today a Form 15F with the U.S. Securities and Exchange Commission to voluntarily terminate the registration of its common shares under section 12(g) of the Securities Exchange Act of 1934. Southwestern expects that this termination of registration will become effective 90 days after its filing with the SEC. As a result of this filing, Southwestern’s reporting obligations with the SEC, including an annual report on Form 20-F and reports on Form 6-K, will immediately be suspended.
Southwestern’s consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles and the Company will continue to meet its Canadian continuous disclosure obligations through filings with the applicable Canadian securities regulators. As a Toronto Stock Exchange-listed reporting issuer, all of the Company’s filings can be found on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
The Company is current with all requirements under U.S. securities laws. It is not listed on any U.S. exchange and administrative burdens and costs associated with being a U.S. reporting company have significantly increased in the past few years, particularly in light of SEC Sarbanes-Oxley requirements. The preparation time and costs associated with preparing U.S. filings and meeting SEC regulatory requirements are substantial, and overall the Company’s management believes that these administrative burdens and their associated costs far outweigh any benefits derived from the Company’s foreign issuer status with the SEC.
Southwestern is a Vancouver-based mineral exploration company engaged in the identification, acquisition, evaluation and exploration of gold, silver and base metals mineral properties. The Company has a number of significant projects, including the Liam gold-silver project in Peru in joint venture with Hochschild Mining plc. Southwestern is a reporting issuer in British Columbia, Alberta, Manitoba, and Ontario and trades on the Toronto Stock Exchange under the symbol SWG.