RTGAM
TORONTO - Crystallex International Corp. says it plans to appeal a New York Stock Exchange decision to remove its share listing from the NYSE Amex exchange.
The Toronto-based company says it will file an appeal against the NYSE's application to the U.S. Securities and Exchange Commission to remove Crystallex's shares from the Wall Street market.
The NYSE announced Tuesday that it wanted to remove Crystallex from its exchange because it no longer meets trading requirements.
It said Crystallex can no longer be considered an operating company because Crystallex has "substantially discontinued the business that it conducted at the time it was listed or admitted to trading."
Crystallex said that decision relates to the termination of the company's mine operating contract for its Las Cristinas project in Venezuela.
The Toronto-based company's principal asset is its disputed claim to the Las Cristinas gold project, which contains an estimated 17 million ounces of gold. A Venezuelan government-owned company has effectively seized the project.
Crystallex said it will request an oral hearing before a listing qualification panel.
"The company reasonably believes that there is value in the company and is continuing to take steps to seek, through the arbitration process, full restitution by Venezuela of its investments," Crystallex said in a release Wednesday.
"While pursuing the arbitration claim, the company is continuing to seek settlement alternatives with the government of Venezuela, which would result, if completed successfully, in value to the company's stakeholders."
In February, Crystallex received a letter from state-owned company Corporacion Venezolana de Guayana or CVG that "unilaterally terminated" its operating contract for the Las Cristinas mine.
On Feb. 16, the company filed a request for arbitration by a World Bank body, claiming a breach of treaty protections against expropriation by Venezuela, as well as unfair and inequitable treatment and discrimination.
Crystallex is seeking restitution by Venezuela of its investments and compensation for interim losses or, alternatively, compensation "in an amount in excess of $3.8-billion (U.S.)."
