VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/05/13 -- Mariana Resources Ltd (TSX: MRY)(AIM: MARL) ("Mariana" or "the Company"), the AIM and TSX listed exploration and development company focused on Peru and southern Argentina, today announces that it has applied for a voluntary delisting from the Toronto Stock Exchange ("TSX"). In addition, the Company is pleased to announce a major revised corporate strategy of which the delisting is an integral part, together with a Board and management restructure. Mariana's ordinary shares are currently listed for trading on the TSX, and the AIM platform of the London Stock Exchange ("AIM"). Following the delisting from the TSX, the Company's ordinary shares will continue to trade on the AIM.
Key components of the revised strategy for Mariana, which the Board believes can be expected to deliver improved share price leverage for shareholders, are outlined below:
Voluntary Delisting from the TSX
The Company is applying for the voluntary delisting of its ordinary shares from the TSX. Subject to the application being accepted by the TSX, it is expected that the ordinary shares will be delisted from the TSX at the close of trading on or about Tuesday, February 12, 2013.
No change will occur to Mariana securities on the AIM where all our securities will continue to be listed and tradeable as normal under the symbol "MARL". Following delisting from the TSX, Mariana will apply to the security commissions in Canada for cessation of the Company's reporting issuer status and the Canadian Register will also be closed.
Reasons for applying for voluntary delisting from the TSX:
-- The limited trading activity of Mariana's shares on the TSX since its listing in June 2011, compared to the trading activity on the LSE;-- The low level of Mariana's share ownership in Canada (fewer than 2% of the total number of ordinary shares of the Company are reported as owned by Canadian residents);-- The Company's compliance costs and administrative responsibilities in maintaining the dual listing on the TSX, in addition to the costs associated with the AIM listing, are no longer justifiable.
Implications of the delisting for shareholders on the Canadian branch register only
As a consequence of the delisting, and prior to the closing of the Canadian branch register, shareholders currently on the Canadian branch register can request to have their shareholdings transferred to the Jersey ("UK") main register.
For CDS participants or if your shares are held by your broker, the CDS participant/broker must complete and submit the "Register Removal Request-Canada to Channel Islands" on your behalf.
For registered shareholders, you will need to complete the "Register Removal Request-Canada to Channel Islands" and submit the form together with your original share certificate(s).
Register Removal Request Form link: http://www.marianaresources.com/pdf/release/Mariana_130205.pdf
Until the transfer is effected, CDS participants and Canadian registered holders will be unable to trade their shares on AIM and their holdings will remain on the Canadian register.