Mineral exploration company Mariana Resources intends to delist from the Toronto Stock Exchange (TSX) whilst retaining its AIM-quoted status in the UK as part of a major revised corporate strategy.
The company, which has mining interests in South America, said that the voluntary delisting from the TSX was due to limited trading activity of Mariana's shares
on the exchange compared to trading activity on the London Stock Exchange.
In addition to the planned delisting, the company reported a revised exploration strategy and board restructure. It stated that its exploration focus had shifted away from the Santa Cruz Province in southern Argentina to the Condor del Oro property in northern Peru.
This was due to an increased potential for a significant gold or copper discovery at Condor del Oro combined with negative investor sentiment surrounding the exploration for mineral deposits in Argentina and difficult market conditions overall for junior exploration companies.
Board RestructureIn addition to delisting from the TSX, the company announced a raft of management changes aimed at bringing the company into better focus.
Glen Parsons, who was previously the Chief Financial Officer of Mariana Resources, was appointed to the role of Chief Executive Officer.
Sharon Cooper was named as successor for the role of Chief Financial Officer.
The group announced that John Horsburgh would step down from the role of Executive Chairman to Non-Executive Chairman, but would continue to provide technical consulting on an ongoing basis.
Chairman John Horsburgh commented: "The decision to delist from the TSX [Toronto Stock Exchange], the refocus of exploration efforts and the board and management changes are all designed to respond in a decisive and positive way to current market conditions which are affecting many junior explorers today.
"I fully endorse Glen Parsons in taking over the reins and managing Mariana. He has been performing this task in tandem with me for the last two years. Also, Ray Angus' new position as Peru Country Manager overseeing the Condor del Oro Project in Peru is a very positive move. Fortunately Mariana has an excellent project base and I believe the Company is well placed to move to the next level."
Newly appointed Chief Executive Officer Glen Parsons said: "The above decisions by the board position Mariana for greater share price leverage in anticipation of future exploration success.
"I believe that Mariana is well poised for 2013 with its exciting diversified asset base and aligned streamlined teams focusing on delivery. The Peruvian initiative and Ray Angus' decision to deliver this managed strategy in-country, are extremely positive for Mariana, given his previous success."
Mariana's share price was down 13.89% to 3.88p at 09:34 on Tuesday.