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Gold/Mining/Energy : McEwen Mining
MUX 0.920-3.4%4:00 PM EST

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JW@KSC
To: JW@KSC who wrote (14041)12/22/2015 8:56:08 AM
From: Erie1 Recommendation   of 23663
 
JW
Thanks for all your work and the helpful reply to my question about the significance, if any, of the end of the year-end date in regards to potential delisting. I think I now know the answer and will state it for others who may have been as fuzzy on this as I was.
First, I should clarify my original puzzlement. I had read the earlier posting and posted rules, but then I saw posts that implied that somehow it was important for the MUX price to close this month (Dec.) at above $1 and with an average above $1. Since we were too far into the month to hope for a $1 average, I couldn't understand why one or more posters were paying special attention to the month or year end. I thought maybe I had missed something in the rules. And hopefully so!
But I had not, at least according to my reading of the rules. MUX needs to have a calendar month in which it both closes and averages over $1 over the previous 30 trading days. [USD of course; the trades on Toronto do count, but since they so closely track the exchange rate adjusted US listing price, the TSX price only figures in the volume].] The month of December is a lost cause re the consolidated average of course, so I'm hoping for that January will be our magic month in which we emerge successfully from the 'cure period'.
Note that the average is over the previous 30 trading days rather than the calendar month. That makes a big difference. The start of the 30 trading days period ending Friday Jan 29 is approximately Dec. 17 (I may not be getting the holiday close days correct). So we only have 2 or 3 days 'under $1.00 to counterbalance. I'm cautiously optimistic.
Here's the relevant rule, with my bold added to the key parts:
"The company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month."

I agree with JW that the rules are written with a lot of wiggle room, and Rob has share consolidation as the 'cure' if needed. I don't think it will be.

Erie
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