The company's shares, it said, were not cease traded by securities regulators and trading on the Toronto Stock Exchange and Johannesburg Stock Exchange remained halted, while there remains uncertainty over the outcome of the hearing on the merits of the liquidation application against its three subsidiaries - Rockwell Resources RSA, HC van Wyk Diamonds and Saxendrift Mine.
“Assuming approval, the company will then seek to delist from the TSX, and concurrently list on the TSX Venture Exchange,” Rockwell said.
“Assuming acceptance of the Company's application by the TSX(V), the company will also work with the Johannesburg Stock Exchange to confirm its listing accordingly.”
Its stocks were suspended on the TSX pending a delisting review.
Rockwell was told by TSX that it would only consider the delisting review following the outcome of the final hearing for a liquidation application.
The date to hear the urgency application was now set down for April 26, 2017.
However, Rockwell said it had been advised that the Wednesday court appearance was only to set a date for the court hearing on the merits, and that such date was expected to be set down for early in May.
Interim liquidators were appointed by the Master of the High Court last week in accordance with requisitions by the major creditors, but had not taken control of the subsidiaries in view of further filings by the company.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished