VANCOUVER, BC / ACCESSWIRE / November 12, 2015 / (LVCA) Lake Victoria Mining Company, Inc., a resource exploration company that is focused on developing gold prospects in the Tanzania's world famous Lake Victoria Greenstone Belt, today announced its decision to terminate and suspend the registration of its stock with the Securities and Exchange Commission (the "SEC"). The Company also intends to cause its common stock to cease trading on the OTCQB and commence trading on the OTC Pink marketplace. For more information about the OTC Pink marketplace, please see www.otcmarkets.com.
The Company intends to file a Form 15 with the SEC to voluntarily deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on or about November 16, 2015. As a result of the filing of the Form 15, the Company's obligation to file certain Exchange Act reports and forms with the SEC, including Forms 10-K, 10-Q, and 8-K, will cease. Other filing requirements will terminate upon the effectiveness of the deregistration, which is expected to occur 90 days after the filing of the Form 15.
The Company's board of directors decided to deregister and terminate Exchange Act reporting after careful consideration of the advantages and disadvantages of being an SEC reporting company. The Company's board of directors considered many factors in making this decision, including the following:
- the costs, both direct and indirect, associated with the preparation and filing periodic reports with the SEC, including the continually escalating costs and burdens associated with complying with recent legislation applicable to reporting companies such as the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010;
- the additional demands placed on management and Company personnel to comply with requirements required of registrants;
- the historically low stock price of the Company's common stock;
- the nature and extent of the trading in the Company's common stock;
- the current level of analyst coverage and minimal liquidity for the Company's common stock;
- and the value of an SEC-registered entity to potential strategic partners.
The board's decision to deregister was made in conjunction with the board's continuing review of various strategic alternatives available to the Company, including the sale of the Company or its assets, partnering or other collaboration agreements, or a merger, reverse merger or other strategic transaction. The board of directors decided that the Company should deregister with the SEC as it believes that the cost savings outweigh the potential benefits of continuing as an SEC registered company. Without the annual accounting expenses, legal costs, and administrative burden relating to SEC reporting obligations and compliance, the Company will be able to significantly reduce its costs and focus on the pursuit of alternatives to address the Company's obligations.
The Company has enjoyed having John Sutherland as a member of our Board of Directors. However, effective November 10, 2015 we have accepted Mr Sutherland's resignation from the Board as a director. This resignation is not the result of any disagreement on any matter relating to the operations, policies or practices of the Company.
About the Company
Lake Victoria Mining Company, Inc. is working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania, East Africa. Tanzania is Africa's fourth largest gold producer behind South Africa, Ghana and Mali.
Lake Victoria Mining Company, Inc.
David T. Kalenuik, President & CEO
Phone: (303) 586-1390
SOURCE: Lake Victoria Mining Company, Inc.