TORONTO, May 5, 2022
/CNW/ - Excellon Resources Inc. (TSX: EXN) (NYSE: EXN) (FRA:
E4X2) ("Excellon" or the "Company") announced today that the
Company received a notice from NYSE American LLC ("NYSE
American") stating that it is not in compliance with the
continued listing standards as set forth in Section 1003(a)(i),
(ii) and (iii) of the NYSE American LLC Company Guide (the
"Company Guide"), which require a company to have
stockholders' equity of $2 million or
more if it has reported losses from continuing operations and/or
net losses in two of three of its most recent fiscal years;
stockholders' equity of $4 million or
more if it has reported losses from continuing operations and/or
net losses in three of four of its most recent fiscal years; and
stockholders' equity of $6 million or
more if it has reported losses from continuing operations and/or
net losses in its five most recent fiscal years. All numbers are in
U.S. dollars.
There is no immediate effect on trading on the NYSE American,
but the Company must submit a plan of compliance by May 30, 2022 addressing how it intends to regain
compliance with the continued listing standards by October 30, 2023. If NYSE American does not
accept the plan or the Company does not make progress consistent
with the plan or regain compliance with the continued listing
standards by October 30, 2023, the
Company may be subject to delisting proceedings. The Company's
shares will also continue to trade on the Toronto Stock
Exchange.
The Company expects to submit a plan to the NYSE American to
regain compliance with the continued listing standards within the
period provided.
Excellon also confirms that the auditor's report received from
its independent public accounting firm on its audited financial
statements for the fiscal year ended December 31, 2021 filed with its Form 20-F annual
report contained a going concern emphasis of matter. Disclosure of
this going concern explanatory language is required by Sections
401(h) and 610(b) of the Company Guide. This announcement does not
represent any change or amendment to any of the Company's filings
for the fiscal year ended December 31,
2021.
As previously disclosed, year-end results were adversely
affected by a $22.2 million provision
for litigation involving the Company's subsidiary, San Pedro
Resources realized in the 3rd quarter of 2021.
Forward-Looking Statements
The Toronto Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content
of this Press Release, which has been prepared by management. This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 27E of the
Exchange Act. Such statements include, without limitation,
statements regarding submission of a compliance plan to the NYSE
American, potential delisting from the NYSE American, mineral
resources estimates, the future results of operations, performance
and achievements of the Company, including potential strategic
transactions, the timing, content, cost and results of proposed
work programs, the discovery and delineation of mineral
deposits/resources/reserves, geological interpretations, proposed
production rates, potential mineral recovery processes and rates,
business and financing plans, business trends and future operating
revenues. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, the possibility that the Company will not be able to
submit a plan of compliance, the possibility that NYSE American
will not accept the compliance plan and that even if the plan is
accepted that the Company won't be able to comply with the plan,
variations in the nature, quality and quantity of any mineral
deposits that may be located, significant downward variations in
the market price of any minerals produced, the Company's inability
to obtain any necessary permits, consents or authorizations
required for its activities, to produce minerals from its
properties successfully or profitably, to continue its projected
growth, to raise the necessary capital or to be fully able to
implement its business strategies. All of the Company's public
disclosure filings may be accessed via www.sedar.com and readers
are urged to review these materials. This press release is not, and
is not to be construed in any way as, an offer to buy or sell
securities in the United
States.
SOURCE Excellon Resources Inc.