Arequipa, Peru/B.V.I.- July 10, 2015 – Gold Horizons Ming Company, Ltd. Formerly GHMG – GXG Markets, announced today that it will not be reapplying for listing on the GXG Markets First Quote.
On December 12, 2015 after a public dispute between GXG Markets and the largest capitalized company on the GXG Markets Official List the GXG head of Markets Simon Kieron-Watson resigned from the firm. Simon was a key officer of the company at that time and a driving impetus in expanding the MLTF’s scope. In the ensuing months we observed a wholesale revision of the rule books and the admission criteria. It appeared that the GXG Markets was coming under scrutiny from the regulators to tighten up it’s business practices as it pertained to its members particularly on the First Quote which is not a regulated stock exchange. The First Quote gives private companies the visibility allowing it to raise capital while getting these companies to adhere to similar filing requirements of publicly listed companies.
The GXG Markets instituted a new set of compliance rules with a new classification for companies domiciled outside of the EU. They were to be classified as Designated Global Issuers (DGI) and required a new partner of GXG to perform a rather costly due diligence report which Gold Horizons Mining submitted to, although scores of companies stopped their filings with GXG.
On June 29, 2015 GXG Markets announced it would no longer accept new admissions to its platforms.
On July 6, 2015 GXG Markets announces its decision to voluntarily relinquish its Danish Market Operator licenses. The Danish Supervisory Authority (“Finanstilsynet”) has accepted the surrender of the licenses. As a result, GXG Markets’ operation of the GXG Official List, Regulated Market and GXG Main Quote and GXG First Quote multi-lateral trading facilities will cease at 1700 CET on August 18, 2015.
This press release confirmed a long standing suspicion and was in fact our rationale for seeking listing on a regulated exchange as opposed to a quotation service. We remain committed to finding the best fit for the company and its esteemed shareholders.
About Gold Horizons Mining Company, Ltd. is a mineral resource and ore processing investment company with a gold milling processing plant located in Arequipa, Peru providing ore processing services to throughout Peru.
Monday, 29th June 2015 09:00 CEST GXG Markets A/S: Closing all Markets for new admissions
GXG Markets A/S has imposed an immediate suspension of the acceptance of new admissions to the Official List, Main Quote & First Quote markets.
The Board is discussing its regulatory set up with Finanstilsynet (the Danish Financial Supervisory Authority). This has included GXG engaging in dialogue with Finanstilsynet concerning relinquishing its Danish market operator license and ceasing its Danish activities. As a consequence, GXG cannot admit new securities to trading or accept new applications for admission, until alternative arrangements have been made. GXG's Board is exploring different options for continuity of trading for Issuing Companies and Investors. This announcement will be followed by further information to the Market GXG remains open for trading and the trading venues provided by GXG for those securities already admitted to trading will continue to operate in the usual manner.
GXG Markets A/S
Monday, 6th July 2015 17:52 CEST GXG Markets A/S - Closure of the Marketplace effective 18 August 2015
To: all Issuing Companies and market participants of the GXG Marketplace. GXG Markets A/S announces its decision to voluntarily relinquish its Danish Market Operator licenses. The Danish Supervisory Authority ("Finanstilsynet") has accepted the surrender of the licenses. As a result, GXG Markets' operation of the GXG Official List, Regulated Market and GXG Main Quote and GXG First Quote multi-lateral trading facilities will cease at 1700 CET on August 18, 2015.
GXG's operation within the Danish regulatory environment has been under consideration by GXG's Board for several months. After a series of discussions with the Danish Supervisory Authority in recent months, it has become clear that being regulated in Denmark is no longer a suitable forum for GXG to run an SME and micro cap marketplace. Therefore, for reasons of business efficacy GXG has taken the decision to withdraw its Danish license.
Further to our previous announcement of the June 29, 2015, the current suspension on new admissions shall remain in place. All securities admitted to trading within the GXG Marketplace, will be transferred to the "Observation list" from 7 July due to the planned Market closure. Securities on the Observation are not subject to any restrictions and trading in the Securities is able to continue as usual.
The Board of GXG Markets are in discussions with a number of organizations regarding the continued trading in Issuing Companies' securities. A timetable will be published no later than the July 13, 2015 on how this will be achieved following the conclusion of these time-sensitive meetings.
GXG reassures its Issuers that its Board and owner are concentrating all efforts on minimizing disruption to an Issuing Company and their investors. The UK and Danish offices remain open and continue to support all market participants.
Carl Johan Högbom
Chairman, GXG Markets
Fore more information contact: Scott J. Francis
Peru operations +51988 988 027