Financially-troubled Royal Coal Corp. (TSX VENTURE: RDA) (FRANKFURT: RLC), which has coal mines in eastern Kentucky, said May 17 that it has received notice from the TSX Venture Exchange that it has suspended trading in the company’s securities.
That action came as a result of a cease trade order issued after the company failed to file audited annual financial statements for the year ended Dec. 31, 2011. Reinstatement to trading can occur only when the cease trade order is revoked and the TSXV has concluded its reinstatement review to ensure the company has complied with TSXV listing requirements.
If Royal Coal does not complete its reinstatement and is unable to meet the continued listing requirements of the TSXV by Aug. 1, the TSXV will automatically transfer the securities of the company to the NEX board of the TSXV.
Royal Coal said May 9 in a brief statement that it has received the resignations of the following directors: Scott Hand, John Ellis, James Ladner, Michael Rousseau, Dino Titaro and Elia Crespo. The company said in the May 9 statement that it has also received the resignation of CEO Robert Heuler.
Royal Coal previously announced on April 24 that it had received the resignation of Jeff Lowe as company CFO.
Royal Coal is a coal exploration and production company, headquartered in Toronto, Canada, with a regional office in Hazard, Ky.
The U.S. Mine Safety and Health Administration database shows the company’s Charlene Loadout in Perry County, listed under its CDR Operations Inc. subsidiary, as “temporarily idled.” MSHA also shows two CDR Operations strip mines – Big Branch #1 in Knott County and Elk Creek in Clay County – as temporarily idled.