VANCOUVER, Jan. 16, 2015 /CNW/ - Ivanhoe Energy Inc.
(TSX: IE; NASDAQ: IVAN) (TSX: IE.DB) announced that on January 13, 2015, the company received a letter
from the Listing Qualifications Department of the NASDAQ Stock
Market (Nasdaq) notifying the company that the minimum bid price
per share for its common stock was below $1.00 for a period of 30 consecutive business
days and that the company did not meet the minimum bid price
requirement set forth in Nasdaq Listing Rule 5550(a)(2).
The Nasdaq notification letter makes clear that the company's
common shares will continue to trade uninterrupted on the Nasdaq
Capital Market under the symbol "IVAN", and does not result in the
immediate delisting of the company's common shares. The company's
common shares continue to trade on the Toronto Stock Exchange (TSX)
under the symbol "IE" and are in full compliance with TSX listing
requirements. The company's listing on the TSX is completely
independent of, and will not be affected by, the status of its
Nasdaq listing.
Ivanhoe Energy has a grace period of 180 calendar days, or until
July 13, 2015, to regain compliance
with Nasdaq's minimum bid price requirement. If at any time during
the 180-day grace period, the minimum closing bid price per share
of the company's common stock closes at or above $1.00 for a minimum of 10 consecutive business
days, Ivanhoe Energy will regain compliance and the matter will be
closed. In the event the company does not regain compliance within
this grace period, it may be eligible to receive an additional
180-day grace period; provided that the company meets the continued
listing requirement for market value of publicly held shares and
all other initial listing standards for the Nasdaq Capital Market,
with the exception of the minimum bid price requirement, and
provides written notice of its intention to cure the minimum bid
price deficiency during the second 180-day grace period, by
effecting a reverse stock split, if necessary. If it appears to the
Nasdaq staff that the company will not be able to cure the
deficiency or if the company is not otherwise eligible for the
additional grace period, the company's common stock will be subject
to delisting by Nasdaq.
Ivanhoe Energy is an independent international heavy oil
exploration and development company focused on pursuing long-term
growth in its reserves and production using advanced technologies,
including its proprietary heavy oil upgrading process
(HTL®). Core operations are in Canada, the United
States and Ecuador, with
business development opportunities worldwide. For more information
about Ivanhoe Energy Inc. please visit www.ivanhoeenergy.com.
FORWARD-LOOKING STATEMENTS: This document
includes forward-looking statements, including forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to the potential for commercialization and future
application of the heavy oil upgrading technology and other
technologies, statements relating to the continued advancement of
Ivanhoe Energy's projects, statements relating to the timing and
amount of proceeds of agreed upon and contemplated disposition
transactions, statements relating to anticipated capital
expenditures, statements relating to the timing and success of
regulatory review applications, and other statements which are not
historical facts. When used in this document, the words such as
"could," "plan," "estimate," "expect," "intend," "may,"
"potential," "should," and similar expressions relating to matters
that are not historical facts are forward-looking statements.
Although Ivanhoe Energy believes that its expectations reflected in
these forward-looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements include the potential
that the Company's projects will experience technological and
mechanical problems, new product development will not proceed as
planned, the HTL® technology to upgrade bitumen and
heavy oil may not be commercially viable, geological conditions in
reservoirs may not result in commercial levels of oil and gas
production, the availability of drilling rigs and other support
services, uncertainties about the estimates of reserves, the risk
associated with doing business in foreign countries, environmental
risks, changes in product prices, our ability to raise capital as
and when required, our ability to complete agreed upon and planned
asset dispositions, competition and other risks disclosed in
Ivanhoe Energy's 2013 Annual Report on Form 10-K filed with the
U.S. Securities and Exchange Commission on EDGAR and the Canadian
Securities Commissions on SEDAR.
SOURCE Ivanhoe Energy Inc.