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Almaden Provides Corporate Update
AAUAlmaden Minerals(AAU) Newsfilter·2024-03-14 22:47

Core Points - Almaden Minerals Ltd. has submitted a Request for Consultations to the Mexican government regarding a dispute under the CPTPP, which has not yet been resolved [2][3] - The company intends to file a claim for arbitration against Mexico, seeking damages of no less than US200millionifanamicableresolutionisnotreached[3]−AlmadenisvoluntarilydelistingfromtheNYSEAmericanduetonon−compliancewithcontinuedlistingstandardsandplanstoseekalistingontheOTCQBMarketplace[4][5]RequestforConsultations−AlmadendeliveredawrittenRequestforConsultationstoMexicoonDecember13,2023,whichwasacknowledgedbutnotfollowedupwithproposedmeetingdates[2]−OnMarch14,2024,AlmadenissuedaNoticeofintentiontosubmitaclaimtoarbitrationagainstMexicoduetotheunresolveddispute[3]ClaimforArbitration−TheNoticeoutlinesthefactualbackgroundandlegalbasisfortheclaim,citingbreachesoftheCPTPPbyMexico[3]−ThecompanyseeksdamagesofatleastUS200 million if an amicable resolution is not reached [3] - Almaden is voluntarily delisting from the NYSE American due to non-compliance with continued listing standards and plans to seek a listing on the OTCQB Marketplace [4][5] Request for Consultations - Almaden delivered a written Request for Consultations to Mexico on December 13, 2023, which was acknowledged but not followed up with proposed meeting dates [2] - On March 14, 2024, Almaden issued a Notice of intention to submit a claim to arbitration against Mexico due to the unresolved dispute [3] Claim for Arbitration - The Notice outlines the factual background and legal basis for the claim, citing breaches of the CPTPP by Mexico [3] - The company seeks damages of at least US200 million, plus interest and costs, should arbitration be necessary [3] NYSE American Listing - Almaden has been non-compliant with NYSE American listing standards, with a share price averaging below US$0.20 for 30 trading days [4] - The company plans to delist from NYSE American by April 4, 2024, and aims to list on the OTCQB Marketplace to maintain a trading platform for U.S. shareholders [5]