March 27, 2008 16:58 ET

Canadian Trading and Quotation System Inc.-New Listing-HMZ Metals Inc. (HMZA)

TORONTO, ONTARIO--(Marketwire - March 27, 2008) -

Bulletin: 2008 - 0306

The common shares of HMZ Metals Inc. have been approved for listing on CNQ. There are approximately 110 million common shares outstanding with a public float of approximately 92.5 million shares.

As part of its initial public offering, the Company acquired all of the outstanding shares of Biogan BVI. As of the date hereof and in light of a long running dispute with the Company's joint venture partner, the Company is involved in legal proceedings and an arbitration action in the PRC. The Company's business strategy has necessarily evolved to focus on a resolution of its current dispute in which the Company is seeking a return of invested capital, it's pro rata share of profits to date and damages in an amount to be determined.

As these matters are currently the subject of on-going legal proceedings in the PRC, the Company is limited in the detail it can provide at this time. However, it is anticipated that court proceedings and arbitration proceedings will be completed within the first half of 2008 and there is the potential that the arbitration process may be superseded by the court proceedings.

The longer-term strategy of the Company is to proceed with additional new metals and metal processing projects.

Listing and disclosure documents for HMZ will be available in the CNQ Listings Disclosure Hall.

Trading Date: Monday, March 31, 2008

Symbol: HMZA

CUSIP: 40425M 10 4

Applications are being accepted for Market Makers for "HMZA".

Contact Information

  • Canadian Trading and Quotation System Inc. (CNQ)
    Radhika Ramkarran
    (416) 572-2000 X 2435