Apex Silver Notified of Failure to Comply With Listing Standardadmin
Apex Silver Mines Limited has received notice from NYSE Alternext US LLC that it is not in compliance with the Exchange’s continued listing standards in that it has sustained losses that are so substantial in relation to its overall operations or existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether it will be able to continue operations and/or meet its obligations as they mature.
The Company does not expect that it will be able to regain compliance with this listing standard and expects that the Exchange will commence delisting proceedings with respect to the Company’s ordinary shares in early January 2009. The Company does not expect that it will appeal any decision by the Exchange to delist the ordinary shares.
The Company anticipates that upon delisting of the ordinary shares, the ordinary shares will commence trading in the over-the-counter market.
The delisting of the ordinary shares from the Exchange will not affect the Company’s reporting obligations under the rules of the Securities and Exchange Commission.