Allied Nevada Gold Corp.

Allied Nevada Gold Corp.

March 13, 2015 20:15 ET

Allied Nevada Notifies of Pending Delisting of Common Stock

RENO, NEVADA--(Marketwired - March 13, 2015) - Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV)(NYSE-MKT:ANV) received a notice on March 10, 2015, from the NYSE MKT LLC (the "NYSE MKT") indicating that the NYSE MKT had suspended the Company's common stock from trading immediately and determined to commence proceedings to delist the Company's common stock pursuant to Section 1003(c)(iii) of the NYSE MKT LLC Company Guide. The NYSE MKT's determination was based on the previously disclosed chapter 11 bankruptcy filings of the Company and certain of its domestic direct and indirect subsidiaries, which contemplate that the Company's existing common stock will be extinguished pursuant to a pre-arranged plan of reorganization.

Also on March 10, 2015, the Toronto Stock Exchange ("TSX") suspended the Company's common stock from trading immediately while the TSX reviews the Company's continued eligibility for listing under the TSX's Expedited Review Process. The suspension and possible delisting are based on the chapter 11 bankruptcy filings of the Company and certain of its domestic direct and indirect subsidiaries, the Company's financial condition and/or operating results, and whether the Company has adequate working capital and appropriate capital structure. A hearing to decide whether to delist the Company's securities from the TSX is currently scheduled for March 16, 2015.

The Company does not intend to take any further action to appeal these decisions, and therefore it is expected that the common stock will be delisted from both the NYSE MKT and the TSX following completion of their proceedings.

Cautionary Statement Regarding Forward Looking Information

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934., as amended (the "Exchange Act") (and the equivalent under Canadian securities laws) and the Private Securities Litigation Reform Act (the "PSLRA") or in releases made by the SEC, all as may be amended from time to time. This cautionary statement is being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefit of the "safe harbor" provisions of such laws. All statements, other than statements of historical fact, included herein or incorporated by reference, that address activities, events or developments that we expect or anticipate will or may occur in the future, are forward-looking statements. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "estimate", "plan", "anticipate", "expect", "intend", "believe", "project", "target", "budget", "may", "can", "will", "would", "could", "should", "seeks", or "scheduled to", or other similar words, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intentions. Forward-looking statements address activities, events or developments that Allied Nevada expects or anticipates will or may occur in the future, and are based on current expectations and assumptions. These statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements, and include, but are not limited to the potential adverse effect of the Chapter 11 cases on the Company's business, financial condition or results of operations, including the Company's ability to maintain contracts and other business relationships that are critical to the Company's business and the actions and decisions of the Company's creditors and other third parties with interests in the Chapter 11 cases; the Company's ability to conduct the Chapter 11 cases on the terms set forth in the restructuring support agreement; the Company's ability to maintain adequate liquidity to fund the Company's operations during the Chapter 11 cases and to fund a plan of reorganization and thereafter, including obtaining sufficient debtor in possession financing and exit financing; whether the holders of the Company's liabilities and/or securities receive any value for their interests; and the Company's ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 cases prosecuted from time to time; and other factors discussed in Allied Nevada's filings with the SEC including Allied Nevada's
latest Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its other recent SEC filings (and Canadian filings). Although Allied Nevada has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results, performance and achievements and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

Contact Information

  • Allied Nevada Gold Corp.
    Randy Buffington
    President & CEO
    (775) 358-4455

    Allied Nevada Gold Corp.
    Tracey Thom
    Vice President, Investor Relations
    (775) 789-0119