VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 8, 2013) - Quaterra Resources Inc. (TSX VENTURE:QTA)(NYSE MKT:QMM) (the "Company") would like to provide an update to shareholders regarding initiatives that have recently been undertaken.
Several of these initiatives have been acted upon immediately and publicly released, including the receipt of a non-dilutive cash infusion of USD$1,000,000 as announced on August 1, 2013. Additional initiatives have since been announced and the Company will continue its aggressive cost-cutting measures, divestiture of non-core assets and focus on the core assets of the Company.
On August 2, 2013 the NYSE MKT (the "Exchange") notified the Company that it accepted the Company's plan of compliance and granted the Company an extension until October 31, 2013 to regain compliance with the continued listing standards.
"We are pleased with NYSE's extension of time granted to Quaterra to implement our plans to retain our listing on the NYSE Exchange. The plan submitted to the Exchange is consistent with our strategy to streamline Operations, lower costs, monetize non-core assets, and focus on the Yerington Copper Project," said President and CEO Steven Dischler.
The Company previously announced it had received notice on June 6, 2013 from the Exchange citing the Company was below certain of the Exchanges continued listing standards as set forth in Part 10 of the NYSE MKT Company Guide (the "Company Guide"). The Company submitted a plan of compliance to the Exchange on July 8, 2013 which focussed on establishing financial stability in order to meet compliance with the Exchange. The plan includes a number of key initiatives to be implemented in the immediate term. As outlined above, several of these initiatives have been acted upon and several are ongoing.
The Company will be subject to periodic review by Exchange Staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE MKT.
This review by 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.