Coeur to Delist from Australian Stock Exchange (ASX)
September 14 2010 - 8:35PM
Business Wire
Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC)
today announced details of its proposed delisting from the official
list of ASX Limited (ASX) effective from the close of market on
December 14, 2010.
Coeur’s common shares are currently listed for trading on the
New York Stock Exchange (NYSE) and the Toronto Stock Exchange
(TSX). Additionally, Coeur’s CHESS Depositary Interests (CDIs) are
traded on the Australian Securities Exchange (ASX) under the code
CXC. CHESS is the electronic settlement system used in
Australia.
Coeur was admitted to the official list of the ASX on December
12, 2007. Today, Coeur’s number of CDIs quoted on the ASX
represents only approximately 4.95% of the total number of
outstanding Coeur common shares. Coeur’s decision to delist is due
to the low level of CDIs now quoted on the ASX compared to Coeur’s
current issued share capital and the low level of trading on the
ASX compared to the NYSE and TSX. Coeur has formed the view that
sustaining the administrative costs of an ASX listing, including
the higher level of regulatory compliance costs associated with
multiple listings, is not justifiable.
Delisting Process
Coeur will send CDI holders a letter providing details of the
delisting process which will outline:
- the continuation of each CDI
holder’s existing rights to sell their CDIs until trading of the
CDIs is suspended (on 7 December 2010) or convert their CDIs into
underlying Coeur common shares until the end of the voluntary Share
Sale Facility (17 February 2011);
- the Share Sale Facility that
will be established by Coeur and managed by a broker to enable
Australian registered CDI holders to sell their CDIs for a period
of approximately 2 months following the date of Coeur’s removal
from the official list of the ASX; and
- the arrangements in relation to
the remaining shares underlying the CDIs after the Share Sale
Facility closes.
About Coeur
Coeur d’Alene Mines Corporation is one of the world’s leading
silver companies and also a growing gold producer. Coeur is also a
recognized leader in environmental stewardship and worker safety,
with 13 national and international awards earned over the past
year. The Company’s three new long-life mines include the San
Bartolomé silver mine in Bolivia, which began operations in 2008;
the Palmarejo silver/gold mine in Mexico, which began operations in
2009; and the Kensington gold mine in Alaska, which began
production in June of this year. The Company also owns underground
mines in Argentina and one surface mine in Nevada, and owns a
non-operating interest in a low-cost mine in Australia. The Company
conducts exploration activities in Alaska, Argentina and Mexico.
Coeur common shares are traded on the New York Stock Exchange under
the symbol CDE, and the Toronto Stock Exchange under the symbol
CDM, and its CHESS Depositary Interests are traded on the
Australian Securities Exchange under symbol CXC.
Cautionary Statement
This press release contains forward-looking statements within
the meaning of securities legislation in the United States, Canada,
and Australia, including statements regarding anticipated operating
results. Such statements are subject to numerous assumptions and
uncertainties, many of which are outside the control of Coeur.
Operating, exploration and financial data, and other statements in
this presentation are based on information that Coeur believes is
reasonable, but involve significant uncertainties affecting the
business of Coeur, including, but not limited to, future gold and
silver prices, costs, ore grades, estimation of gold and silver
reserves, mining and processing conditions, construction schedules,
currency exchange rates, and the completion and/or updating of
mining feasibility studies, changes that could result from future
acquisitions of new mining properties or businesses, the risks and
hazards inherent in the mining business (including environmental
hazards, industrial accidents, weather or geologically related
conditions), regulatory and permitting matters, risks inherent in
the ownership and operation of, or investment in, mining properties
or businesses in foreign countries, as well as other uncertainties
and risk factors set out in filings made from time to time with the
SEC, the Canadian securities regulators, and the Australian
Securities Exchange, including, without limitation, Coeur’s reports
on Form 10-K and Form 10-Q. Actual results, developments and
timetables could vary significantly from the estimates presented.
Readers are cautioned not to put undue reliance on forward-looking
statements. Coeur disclaims any intent or obligation to update
publicly such forward-looking statements, whether as a result of
new information, future events or otherwise. Additionally, Coeur
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of Coeur, its financial
or operating results or its securities.
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