Almaden provides corporate update
Yahoo | 14 March 2024
Almaden provides corporate update
by Almaden Minerals Ltd.
VANCOUVER, British Columbia, March 14, 2024 (GLOBE NEWSWIRE) — Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) is providing an update regarding its Request for Consultations delivered to the United Mexican States (“Mexico”, see press release dated December 14, 2023), and its listing on the NYSE American stock exchange (see press release of October 25, 2023).
Request for Consultations
As previously reported, on December 13, 2023, Almaden delivered to Mexico a written Request for Consultations in accordance with Article 9.18 of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”), setting out a brief description of facts regarding the measures at issue. On December 29, 2023, Mexico acknowledged receipt of that Request and stated that it would propose dates for a consultation meeting in the near future, but never reverted with proposed dates, leaving the dispute unresolved.
Accordingly, on March 14, 2024, Almaden delivered to Mexico written notice of its intention to submit a claim (“Claim”) to arbitration against Mexico (the “Notice”) in accordance with Article 9.19.3 of the CPTPP. This Notice has been delivered by Almaden together with Almadex Minerals Ltd., on behalf of themselves and their Mexican subsidiaries.
Amongst other things, the Notice sets out the factual background of the dispute as well as the legal basis of the resulting Claim, the provisions of the CPTPP that Mexico has breached, and the relief sought. The damages relating to the Almaden and Almadex Claim will be for no less than US$200 million, in the aggregate.
The Notice enables the Company to initiate arbitration should an amicable resolution of the dispute with the Mexican government not be reached. The filing of the Notice must precede initiation of arbitration by a minimum of 90 days.
In good faith and in the spirit of cooperation, Almaden invites Mexico once again to engage in discussions and negotiations with a view to achieving an amicable resolution of the dispute. If such consultations with Mexico are unsuccessful, Almaden may then submit the Claim to arbitration under the CPTPP, seeking damages for the harm incurred, plus interest, costs, and any such further relief as a Tribunal may deem appropriate.
NYSE American Continued Listing Standards
As previously announced, Almaden is not in compliance with the continued listing standards of the NYSE American exchange because the Company’s securities have been selling for a low price per share for a substantial period of time which NYSE American determines to be a 30-trading-day average price of less than US$0.20 per share. The Company’s continued listing on the NYSE American exchange is predicated on it demonstrating sustained price improvement within a reasonable period of time which has determined to be no later than April 19, 2024.
Although Almaden has requested consultations with Mexico under the CPTPP, to date Mexico has not proposed a date for these consultations. In view of this, and the Company’s wish to provide predictability to shareholders, the Company has determined to voluntarily delist from the NYSE American exchange. Almaden intends to seek a listing on the OTCQB Marketplace in parallel with its de-listing from the NYSE American exchange to ensure a continued U.S. trading platform for its U.S. shareholders.
The Company provided notice of the voluntary delisting to the NYSE American on March 14, 2024 and intends to file a Form 25 with the Securities and Exchange Commission in a timely manner to effect the delisting. It is anticipated that the delisting will become effective at the end of business on or about April 4, 2024. The Company has made an application to the OTCQB and expects that its common shares will be quoted on the OTCQB on the next trading day without interruption.
On Behalf of the Board of Directors,
“J. Duane Poliquin”
J. Duane Poliquin
Chair
Almaden Minerals Ltd.
