Business
RUM Reclassified Tier 1 TSX Venture Company
RUM Reclassified Tier 1 TSX Venture Company
About this update from Rocky Mountain Liquor Inc.
[{"type":"text","content":"\nRUM Reclassified Tier 1 TSX Venture Company\n\n\n Jun. 11, 2010 (Filing Services Canada) -- Rocky Mountain Liquor Inc. (RUM - TSX Venture), (\"Rocky Mountain Liquor\" or the \"Company\"), listed on the TSX Venture Exchange (the \"Exchange\") is pleased to announce that the Exchange has approved reclassified its issuer classification status. The Exchange has issued a bulletin that stated, \"In accordance with Policy 2.5, the Company has met the requirements for a Tier 1 company. Therefore, effective June 11, 2010 the Company's Tier classification will change from Tier 2 to: Classification Tier 1\"To maintain a listing on Tier 1 classification, an Issuer must meet all Tier 1 Tier Maintenance Requirements for its industry segment. The requirements as outlined in Policy 2.5 include, minimum shareholder requirements including shares issued, the number of public shareholders having at least one board lot and a minimum percentage of the Company's issued shares being in the Public Float.A Tier 1 company must also meet minimum requirements in relation to its market capitalization, net capital assets or positive pre-tax earnings, sufficient working capital or financial resources, and must meet minimum activity requirements. These activity requirements include demonstrating a positive cash flow, meeting minimum operating revenues and expenditures directly related to development of assets.When a CPC or Resulting Issuer becomes a Tier 1 Issuer, the release schedule for its escrow securities changes. Rocky Mountain Liquor will commence trading as a Tier 1 issuer on June 11, 2010. As a result of the graduation to Tier 1 issuer status, an aggregate of 23,382,520 of the Company's common shares and 5,250,505.4 warrants (expiring December 1, 2010 with an exercise price of $0.315 CAD) currently held in escrow will be released within ten days. Upon the release of such common shares and warrants, there will not be any securities of Rocky Mountain Liquor subject to escrow pursuant to the policies of the TSXV. The number of outstanding common shares of the Company will not change as a result of the escrow release\"We are pleased that the Exchange has recognized the Company's performance in pursuing its corporate and financial objectives\", stated Peter J. Byrne, President and CEO. \"The awarding of Tier 1 status will permit our Company to take advant...