The Company's report of voting results will be filed on SEDAR at www.sedar.com and on the Company's website.
NYSE MKT Notice
Quaterra also announced that it received notice on June 6, 2013 from the New York Stock Exchange MKT (the "Exchange") citing non-compliance by the Company with one of the continued listing standards as set forth in Part 10 of the NYSE MKT Company Guide (the "Company Guide").
The notice is based on a review by the Exchange of information that the Company has publicly disclosed, including information contained in the Company's Form 6-K filed May 10, 2013 which contained the condensed interim consolidated financial statements for the three months ended March 31, 2013.
The Exchange advised that Quaterra Resources "is not in compliance with Section 1003(a)(iv) of the Company Guide in that it has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and/or meet its obligations as they mature" and additionally the Exchange advises that as a result of Quaterra's low selling price, Quaterra's common stock may not be suitable for auction market trading.
Their determination that the Company's financial condition has become impaired is based in part on the fact that Quaterra had $462,547 in cash available for general operations as of March 31, 2013 with an operating cash burn rate of $229,559 per month for the three preceding months. In the Form 6-K, Quaterra disclosed that without additional financing it may have to delay or cancel further exploration of its properties and could potentially lose some of or all of its interest in those properties. Presently, the Company does not have any revenue generating mines and consequently no current cash flows from operating activities. As the Company has historically obtained funding through the private placement issuance of additional equity to maintain its ongoing exploration programs and property commitments, there can be no assurance the Company will be successful in similar efforts in the future.
In order to maintain its listing, the Company must submit a plan of compliance by July 8, 2013 (the "Plan") addressing how it intends to regain compliance with Section 1003(a)(iv) of the Company Guide by September 6, 2013 (the "Plan Period"). The Company is currently in the process of preparing the Plan for submission to the Exchange which may contain a recommendation to shareholders to consider a capital consolidation.
The notice from the Exchange does not impact the Company's listing on the TSX Venture Exchange ("TSX-V") and its common shares will continue to be listed and traded on the TSX-V, subject to compliance with continued listing standards.
Quaterra Resources Inc. (TSX VENTURE: QTA)(NYSE MKT: QMM) is a junior exploration company focused on making significant mineral discoveries in North America. The Company uses in-house expertise and its network of consultants, prospectors and industry contacts to identify acquire and evaluate prospects in mining-friendly jurisdictions with the potential to host large and/or high-grade base and precious metal deposits.
On behalf of the Board of Directors,
Dr. Thomas Patton, President and CEO, Quaterra Resources Inc.
Some statements contained in this news release are forward-looking statements within the safe harbor of the Private Securities Litigation Reform Act of 1995. These statements generally are identified by words such as the Company "believes", "expects", and similar language, or convey estimates and statements that describe the Company's future plans, objectives or goals. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further information regarding risks and uncertainties which may cause results to differ materially from those projected in forward-looking statements, are included in filings by the Company with securities regulatory authorities. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws. References may be made in this press release to historic mineral resource estimates. None of these are NI 43-101 compliant and a qualified person has not done sufficient work to classify these historic estimates as a current mineral resource. They should not be relied upon and Quaterra does not treat them as current mineral resources.
Expanded information on the Company's projects is described on our website at www.quaterra.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Quaterra Resources Inc.
Most Popular Stories
- 'Beyonce' Tops the U.S. Album Chart
- Adam Levine Wins Big as 'The Voice' Crowns Champ
- Archer Daniels Midland Moving HQ to Chicago
- Singer Ian Watkins Sentenced to 35 Years Prison for Child Sex Abuse
- Contest Gives Startups a Jump in Jersey
- The Illuminati Don't Exist, Just Ask Them
- SAC Capital Employee Guilty of Insider Trading
- Senate Sends Bipartisan Budget Plan to President
- Fed Signals Strong Confidence in U.S. Economy