August 01, 2000
Trans Hex International Ltd. (TSE-THI) was advised this morning by The Toronto Stock Exchange (the "TSE") that effective August 30, 2000 the common shares of the Company will be suspended from trading on the TSE.
The Company was advised by the TSE on April 1, 2000 that it fell below the new continued listing requirements because the market value of its publicly held securities was less than $2 million. The Company's public float has ranged from approximately $1.0 million to $1.5 million over the past six months. With the current shareholder spread, a consistent share price of at least $0.54 per common share was required to fully comply with these new continued listing requirements.
Following notice by the TSE on April 1, 2000, the Company investigated several courses of action in its endeavours to satisfy the new public float requirements, and was unsuccessful in an application to the TSE for an extension of time in which to pursue certain of these options further. The Company continues to believe that the current market value of its securities does not reflect the value of its highly prospective exploration properties and will continue to work towards meeting the new public float requirements of the TSE.
The Company has made application to the Canadian Venture Exchange (the "CDNX") for the listing of its common shares. This application has been conditionally approved, and will be finalized shortly to ensure a smooth transition and a continuous market for the Company's securities.
Trans Hex International is an international diamond exploration company with interests in exploration projects and joint ventures in Brazil, Namibia, Botswana and Zimbabwe. The principal shareholder of the Company is Trans Hex Group Limited, a South African producer of high quality gem diamonds, with well established independent diamond marketing facilities.
FOR FURTHER INFORMATION PLEASE CONTACT:
D.M. (Niel) Hoogenhout - Chairman and C.E.O. Tel. +1.416.363-5440 Fax. +1.416.363-6506 E-Mail email@example.com
Peter D. Danchin - Chief Operating Officer Tel. +27.21.939-1105 Fax. +27.21.939-0711 E-Mail PeterD@transhex.co.za
Peter W.A. Walker - Vice President, Exploration Tel. +27.21.939-1105 Fax. +27.21.939-0711 E-Mail PeterW@transhex.co.za
Stephen Woodhead - Chief Financial Officer Tel. +1.416.363-5440 Fax. +1.416.363-6506 E-Mail firstname.lastname@example.org