Sundance Resources Limited (ASX: SDL) announced that it has been granted a three-month extension, to 7 December 2020, for the deadline for automatic removal from the ASX.
As announced on 8 July 2019 and later updated on 6 July 2020, the Agreement with AustSino Resources Group Ltd and the noteholders in Sundance was extended with the signing of a new extension letter agreement between AustSino and Sundance to extend the Sundance Agreement to 30 September 2020.
On 21 July 2020, Sundance announced that AustSino had on 10 July 2020 submitted its draft Notice of Meeting to ASX. This was a condition in the Further Extension Letter. As of the date of this announcement Sundance understands from AustSino that it has received approval from ASIC for its draft Notice of Meeting but not yet from ASX.
AustSino will now only be able to meet the end date deadline of 30 September 2020 (“End Date”), under the Further Extension Letter, if it waives certain conditions in its favour (such as the funding placement condition) or the End Date is extended with the mutual agreement of Sundance, Noteholders and AustSino.
Sundance’s securities were suspended from official quotation pursuant to ASX Listing Rule 17.2 on 7 September 2018. Under ASX’s policy set out in Guidance Note 33 and unless Sundance’s securities have been readmitted to trading or the Company has otherwise obtained an extension from ASX to comply, its securities are automatically delisted two years following suspension.
Sundance is pleased to announce that it has received notification from the ASX that Sundance has been granted a three-month extension, to 7 December 2020, for the deadline for automatic removal of the Company from the Official List. During the period to 7 December 2020 ASX will provide to the Company the details of what will be required from the Company in order for its shares to be reinstated to the Official List.
ASX has also advised Sundance that no further extension will be considered or granted beyond 7 December 2020.
Sundance will continue to work with AustSino and the Noteholders for completion of the Sundance Agreement.