Dejour Gets Conditional Approval for TSX Listing
Dejour has received conditional approval for the listing on the Toronto Stock Exchange (TSX) of the Company's common shares that currently trade on the TSX Venture Exchange. The Company is currently in the process of completing the filing requirements necessary to obtain final approval for the listing. Upon completion of this process Dejour's shares will be listed on the TSX under the symbol DEJ. Dejour's shares will concurrently be delisted from TSX Venture Exchange.
The TSX is a senior Canadian exchange, which maintains minimum listing requirements including minimum proved developed reserves, as verified by current National Instrument #51-101 compliant report prepared by independent consultants and a clearly defined program to increase reserves. Other requirements include provisions for adequate funds to execute business programs, cover G & A and debt service expenses for at least 18 months with contingency allowances.
In 2007, only 72 out of 2,176 (3%) TSX Venture companies graduated to the TSX. In 2008 to date less than 40 companies have qualified, according to the TSX website.
Chairman & CEO Robert L. Hodgkinson, stated, "For Dejour, the graduation to the TSX, Canada's premiere exchange, is a reflection of the success the company has achieved in developing both its O&G proven reserve and production base in Canada's Peace River Arch and materially advancing its extensive O&G property resource base in the Piceance/ Uinta Basins of the USA. For shareholders, the move to the TSX may potentially enhance trading liquidity with the addition of a regulated market maker, expose Dejour to a broader, more conservative investor base, provide the company easier access to larger pools of lower cost capital and create better visibility through enhanced analyst and media coverage."
In compliance with the rules of the TSX and the existing option plan, Dejour plans to grant a total of 2,750,000 new options at this time: 1,690,000 to insiders, 810,000 to employees, consultants and advisors, and 250,000 to investor relations personnel. These options will have a term of five years, will vest over the same five year period (except under certain conditions) and be exercisable at $CDN 0.45 per share.
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