Quaterra Receives NYSE Amex Notificationadmin
Quaterra Resources Inc., a junior exploration company focused on making significant mineral discoveries in North America announced it has received notice from the staff of the NYSE Amex LLC that, based on their review of publicly available information, the Company does not currently meet certain of the Amex’s continued listing standards as set forth in Part 10 of the Amex’s Company Guide .
Specifically, the Company is not in compliance with Section 1003(a)(i) of the Company Guide with stockholders’ equity of less than $2,000,000 and net losses in two of the three most recent fiscal years, Section 1003(a)(ii) of the Company Guide with stockholders’ equity of less than $4,000,000 and net losses in three of the four most recent fiscal years, Section 1003(a)(iii) of the Company Guide with stockholders’ equity of less than $6,000,000 and net losses in the five most recent fiscal years, and Section 1003(a)(iv) of the Company Guide in that the Company has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Amex, as to whether the Company will be able to continue operations and/or meet its obligations as they mature.
In order to maintain listing of the Company’s common shares on the Amex, the Company must submit a plan by June 17, 2009 addressing how it intends to regain compliance with Section 1003(a)(iv) by November 18, 2009 and Sections 1003(a)(i), (ii), and (iii) by November 18, 2010.
The Company expects to submit a plan before June 17, 2009. If the Amex accepts the plan, then the Company may be able to continue its listing during the plan period, up to November 18, 2010, during which time the Company will be subject to periodic review to determine whether it is making progress consistent with the plan. If the Company fails to submit a plan acceptable to the Amex, or even if accepted, if the Company is not in compliance with the continued listing standards at the end of the plan period or the Company does not make progress consistent with the plan during the period, then the Amex may initiate delisting proceedings.
The Company’s common shares continue to trade on Amex under the symbol “QMM” but will become subject to the trading symbol extension “BC” to denote noncompliance with the Amex’s continued listing standards.
The Company’s common shares also continue to be listed on the TSX Venture Exchange in Canada under the symbol “QTA.V” and that listing should be unaffected by the Amex action.