Denver, Colorado (FSCwire) - Midway Gold Corp. (TSX and NYSE-MKT: MDW) (the "Company" or "Midway") received notice from the NYSE MKT LLC (the "NYSE MKT") indicating that the NYSE MKT has suspended the Company's common stock from trading immediately and determined to commence proceedings to delist the Company's common stock pursuant to Section 1003(c)(iii) of the NYSE MKT LLC Company Guide. The NYSE MKT's determination was based on the previously disclosed Chapter 11 bankruptcy filings by the Company and certain of its domestic direct and indirect subsidiaries. Also on June 22, 2015, the Toronto Stock Exchange ("TSX") suspended the Company's common stock from trading immediately while the TSX reviews the Company's continued eligibility for listing under the TSX's Expedited Review Process. The suspension and possible delisting are based on the Chapter 11 bankruptcy filings of the Company and certain of its direct and indirect subsidiaries, the Company's financial condition and/or operating results, and whether the Company has adequate working capital and appropriate capital structure. A hearing to decide whether to delist the Company's securities from the TSX is currently scheduled for June 25, 2015.
The Company does not intend to take any further action to appeal these decisions, and therefore it is expected that the common stock will be delisted from both the NYSE MKT and the TSX following completion of their proceedings.
Also effective today, the current Chairman of the Board of Directors of the Company, Timothy J. Haddon, has resigned from the Board of Directors for personal reasons. The Board of Directors wishes to thank Mr. Haddon for his services.