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First Cobalt Applies for Removal from the ASX
First Cobalt Applies for Removal from the ASX Canada NewsWire TORONTO, May 2, 20...
About this update from Electra Battery Materials Corp
[{"type":"text","content":"\n\n\n\nFirst Cobalt Applies for Removal from the ASX\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 2, 2019\n\n\n\nTORONTO, May 2, 2019 /CNW/ - First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the \"Company\") today announces it has applied to the Australian Securities Exchange (the \"ASX\") for the removal of the Company from the official list of the ASX under ASX Listing Rule 17.11. Subject to ASX approval, the Company expects that trading in First Cobalt's CHESS Depository Interests (\"CDIs\") will be suspended on the ASX on or around the close of trading on June 13, 2019 and the delisting will take place on or around June 20, 2019.\nThe Company is currently listed on two securities exchanges – the ASX and the TSX Venture Exchange (the \"TSX-V\"). Following the expected delisting from the official list of the ASX, First Cobalt will be removed from the official list of the ASX and its CDIs will no longer be tradeable on the ASX.\nThe Company's common shares will remain listed on the TSX-V under the ticker FCC and will also continue to trade on the OTCQX® Best Market under the ticker FTSSF. \nReasons for Voluntary Delisting \nFirst Cobalt is proposing to delist from the official list of the ASX for the following reasons:\ncomparatively low average daily trading volume of the Company's securities listed on ASX relative to the TSX-V; given the register of CDIs is tightly held, First Cobalt has experienced difficulty in raising additional capital either from new or existing shareholders on the Australian register; and First Cobalt is based in North America and does not have any interests in any Australian cobalt projects or any material Australian business operations.First Cobalt considers the financial, administrative and compliance obligations and costs associated with an ASX listing, including the higher level of regulatory compliance costs associated with a dual listing, noting that there are a number of material differences between the TSX-V listing rules and the ASX listing rules, unjustifiable and not in the best...