Business
Compton provides update on disclosure items
Compton provides update on disclosure items
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nDec. 14, 2009 (Canada NewsWire Group) -- CALGARY, Dec. 14 /CNW/ -- Compton Petroleum Corporation (TSX - CMT, NYSE - CMZ) advises that its 30-day average closing share price on the New York Stock Exchange (\"NYSE\") has fallen below the NYSE's continued listing standard relating to minimum share price. The NYSE standard requires that a company's common stock trade at a minimum average closing price of US$1.00 per share during any consecutive 30-day trading period.Management believes that the following factors have contributed to a decline in the recent trading value of its capital stock:- The continued uncertainty of natural gas prices;- The divestiture of a significant number of Compton's shares by oneshareholder. On November 20, 2009, that shareholder filed a notice ofintention to sell up to 10.0 million shares; subsequent filingsindicate that approximately 8.6 million shares were sold in the dayssubsequent to that notice;- The strengthening of the Canadian dollar relative to the US dollar;- The misinterpretation by some investors of management's intentionsregarding Compton's recently filed base shelf prospectus, which isfurther clarified below; and- The pending release by Compton of its 2010 operating guidance.The Corporation is in discussions with the NYSE to confirm that it is aware of the standard and that current business plans are expected to result in adequate share price appreciation to cure the deficiency, depending upon market conditions. Following these discussions, the NYSE will determine a time frame within which Compton's share price must comply with the minimum share price standard. During the period that the Corporation's common stock trades below the minimum share price standard, its trading symbol, CMZ, will be assigned a \".BC\" indicator.Compton continues to be in full compliance with all other requirements of the NYSE and all of its obligations and requirements in respect of the listing standards of the Toronto Stock Exchange. The Corporation does not anticipate any change in such compliance.In addition, Compton announces that it has filed its final base shelf prospectus with the securities regulators in each of the provinces of Canada and a corresponding registration statement on Form F-10 with the United States Securities and Exchange Commission. These filings will give the Corporation the option ...