Kimber Receives Notification of Non-Compliance from NYSE MKT and Decides to Voluntarily De-List from the NYSE MKT
Published : June 25, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 25, 2013) - Kimber Resources Inc. (NYSE MKT:KBX)(News - Market indicators) (the "Company" or "Kimber") announced today that it has received a letter (the "Notice") from the staff of the NYSE MKT LLC (the "Exchange") notifying the Company that it is not in compliance with the continued listing requirements set forth in Part 10 of the NYSE MKT Company Guide (the "Company Guide").

The Exchange has given Kimber until July 19, 2013 to submit a plan outlining how it intends to bring itself into compliance with these requirements, and to complete a reverse stock split to increase its share price. Instead, Kimber has decided to submit written notice to the Exchange of its intention to voluntarily delist its common shares from the Exchange. Kimber further intends to file a Form 25 with the Securities Exchange Commission to complete the voluntary delisting of its common shares from the Exchange, which will become effective 10 days after the filing date.

Kimber decided to take this action after concluding that the disadvantages of maintaining its listing on the Exchange outweigh the benefits to Kimber and its shareholders. Among the factors considered were the continued downward pressure on the trading price of Kimber's stock on the Exchange which the Company believes is a result of market manipulation in the United States (see below); the ongoing costs and expenses, both, direct and indirect, associated with having Kimber's common stock listed on the Exchange; the costs and expenses of preparing the requested compliance plan; and the potential ineffectiveness of a reverse stock split to increase Kimber's share price in light of the continued unusual trading activity in Kimber's stock in the United States. 

As detailed in Kimber's news release of May 7, 2013, during the past two years, Kimber's management has identified repeated instances of unusual trading activity in Kimber's securities which management believes involves naked short selling of the Company's common stock on the Exchange as part of a market manipulation scheme. The Company has seen high volume selling at the beginning or end of the day on repeated occasions, though regulatory filings from the Company's significant shareholders have not shown substantial changes in their ownership of Kimber's common stock over the two year period. In addition, SEC Rule 201 has been triggered 35 times since March 2011 with the rule often being in effect for multiple days at time. These periods include a large number of trading days in March and April 2013. Kimber has repeatedly alerted the NYSE MKT, FINRA, IIROC, the British Columbia Securities Commission and the Securities and Exchange Commission to this continued unusual trading.

Kimber's common stock will continue to be listed and traded on the Toronto Stock Exchange, (the "TSX"). Kimber does not believe that its shareholders in the United States will be materially prejudiced by a voluntary delisting from the Exchange since its U.S. shareholders will continue to be able to trade the common shares through the facilities of the TSX.

ABOUT KIMBER

Kimber owns mineral concessions covering in excess of 39,000 hectares in the prospective Sierra Madre gold-silver belt, including the Monterde property, where three gold-silver mineral resources have already been defined. The most advanced of these, the Carmen deposit, has been extensively drilled and has undergone detailed geologic modeling. The completion of the Updated Preliminary Economic Assessment for Monterde in 2011 represented a significant step forward for Kimber and supported further evaluation and more advanced economic studies at the Monterde deposits, with the 2012 Updated Mineral Resource Estimate Technical Report for the Carmen deposit representing a component of those activities.

Forward-looking statements

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include, but are not limited to, statements regarding the Company's belief that its low stock price is the result of naked short selling and/or an illegal market manipulation scheme designed to artificially cap the Company's stock price as well as the Company's belief that the Regulatory Authorities will, or have initiated an investigation of the unusual trading activity. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Kimber Resources Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences, including, but not limited to, risk factors discussed in our latest Annual Report on Form 20-F for the year ended September 30, 2012. Except as required by Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.



Kimber Resources Inc.
Renee Brickner, BSc (Hons) Geol.
Vice President, Investor Relations
North America Toll Free: 1-866-824-1100 or (604) 669-2251
or
Kimber Resources Inc.
Gordon Cummings, CA
President and CEO
North America Toll Free: 1-866-824-1100 or (604) 669-2251
(604) 669-8577 (FAX)
kimbernews@kimberresources.com
www.kimberresources.com

Kimber Resources Inc

EXPLORATION STAGE
CODE : KBR.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Kimber Res. is a gold and silver exploration company based in Canada.

Kimber Res. holds various exploration projects in Mexico.

Its main exploration properties are MONTERDE CARMEN, PERICONES, SETAGO, MONTERDE CAROTARE and MONTERDE VETAS MINITAS in Mexico.

Kimber Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 15.7 millions as of today (US$ 14.2 millions, € 10.4 millions).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 3.95, and its lowest recent point on August 16, 2013 at CA$ 0.07.

Kimber Res. has 104 700 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Kimber Resources Inc
2007 Annual Report
Annual Report 2006
Nominations of Kimber Resources Inc
10/10/2013and Invecture Announce Take-Over Bid Circular and Directors'...
9/20/2011appoints TIm Haldane to the board of directors
Financials of Kimber Resources Inc
10/1/2013Announces Year End Financial Results
2/15/2013Announces Second Quarter Financial Results
10/2/2012Announces 2012 Year End Results
10/2/2012Announces 2012 Year End Results
5/15/2012Announces Third Quarter Financial Results
2/14/2012Announces Second Quarter Financial Results
5/17/2011ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
2/16/2011ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
Project news of Kimber Resources Inc
4/16/2012Continues to Drill High-Grade Silver at Monterde Including 4...
1/26/2012Intercepts 7 Metres of 18.3 G/T Gold And 374.3 G/T Silver in...
1/20/2012Exhibits at Vancouver Resource Investment Conference
8/31/2011Intercepts 2.3 Metres of 22.7g/T Gold Below Carmen Gold-Silv...
7/27/2011Intercepts 10 Metres Of 11g/T Gold Below Carmen Gold-Silver ...
6/1/2011(Monterde Carmen)Intercepts 4.9 Metres Of 78.4 G/T Gold And 127.9 G/T Silver ...
5/27/2011(Monterde Carmen)Intercepts 5.2 Metres Of 51.9 G/T Gold And 1,076 G/T Silver ...
3/3/2011(Monterde Carmen)Intercepts 8 Metres Of 1.6 G/T Gold And 224 G/T Silver At Ca...
2/7/2011(Monterde Carmen)First Drill Results From Carmen Gold-Silver Deposit, Monterd...
7/27/2010Filing Of NI 43-101 Preliminary Assessment Technical Report ...
6/2/2010(Monterde Carmen)Positive Preliminary Assessment For Monterde
5/26/2010(Pericones)Updates exploration activities at Monterde gold-silver and P...
11/20/2009(Monterde Carmen)High Grade Gold-Silver Mineral Resource Estimate
Corporate news of Kimber Resources Inc
9/25/2013Invecture Group to Make C$0.15 Per Share Cash Offer for Kimb...
7/22/2013Files Form 25
6/25/2013Receives Notification of Non-Compliance from NYSE MKT and De...
6/18/2013Extends Repayment of Debt to Sprott Resource Lending to Dece...
5/7/2013Receives Notification Letter from the NYSE MKT Regarding Its...
5/1/2013Reports Additional High Grade Gold and Silver Results From U...
4/18/2013Makes Changes to the Board
1/31/2013Announces Drawdown of $2 Million From Bridge Loan Credit Fac...
1/22/2013Files Preliminary Short Form Base Shelf Prospectus and F-3 R...
10/24/2012Announces Updated Mineral Resource for the Carmen Deposit
9/27/2012Initiates Underground Sampling at its Monterde Gold-Silver P...
9/20/2012Attends Chicago Hard Assets
7/31/2012Appoints David Hembree as VP, Exploration and James Mckay as...
7/18/2012Announces $5 Million Bridge Loan Credit Facility
5/29/2012Intercepts 2.1 Metres Grading 4.3 g/t Gold and 167 g/t Silve...
4/16/2012Continues to Drill High-Grade Gold-Silver at Monterde Includ...
11/28/2011Intercepts 16.7 Metres of 9.9 g/t Gold Equivalent at the Car...
10/12/2011Positive 2011 Exploration Results Underpin Kimber Plans to U...
8/31/2011intercepts 2.3 metres of 22.7g/t gold below Carmen gold-silv...
7/27/2011intercepts 10 metres of 11g/t gold below Carmen gold-silver ...
6/8/2011Announces Updated Preliminary Assessment and Mineral Resourc...
6/2/2011Intercepts 2 Metres Of 12.8 G/T Gold Below Carmen Gold-Silve...
2/11/2010Closing of Public Offering of Common Shares in the U.S.
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (KBR.TO)AMEX (KBX)
0.150+0.00%0.140+0.00%
Last quotes and information before delisting
Prev close Open
0.150 0.145
Low High
0.145 0.155
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.150 -%
Volume 1 month var.
290,500 -%
Produces
Develops
Explores for Gold - Silver
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 10/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.08+0.50%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+0.17%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.