Romarco Minerals Inc. (R.TO) announced that, in light of current market conditions, it has determined not to proceed with its previously announced public offering of common shares at this time and is withdrawing its preliminary short form prospectus filed on March 19, 2013.
Diane Garrett, President and CEO stated: "While our key shareholders have indicated their continued support for the company, several expressed their preference that the company explore alternative financing structures versus the proposed prospectus offering. The company is in the fortunate position of having a strong balance sheet. While the proposed offering would have provided the company additional flexibility as it proceeds through permitting and project related payments, the company has the ability to continue its course to complete the permitting phase with existing cash on hand."
R shares were down 11 cents at $0.83.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
