The Montreal Exchange said it recently delisted shares of Societe Miniere Sphinx (VSE) because of a change in the nature of the company’s business operations.
Listed as a mining company on the ME since 1986, Sphinx acquired a 31.8% interest last december in Societe de Haute Technologie du Quebec, a newly created company which plans to manufacture synthetic quartz.
Sphinx has been active in mining exploration and the ME considered the junior’s new asset as a move to “industrial” status. To be listed as an industrial company, the ME requires the company to show a profit of at least $100,000 before taxes during the past year as well as show profits for two for the last three years. The company must also have a net tangible worth of at least $1 million. The ME said that Sphinx did not qualify.
Sphinx invested $700,000 in the quartz project. Its partners are Cogema of France and Danoc of Montreal. Synthetic quartz has various applications, including in the computer and space industries and in optics.
Sphinx applied for and was successful in obtaining a listing on the Vancouver Stock Exchange toward the end of January.
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