Jaguar to appeal TSX Listing Committee decision to delist securities



    TORONTO, June 15 /CNW/ - On June 15, 2007 TSX Group Inc. announced that
the common shares of Jaguar Nickel Inc. ("Jaguar" or the "Company") (TSX: JNI)
will be delisted at the close of market on July 13, 2007 for failure to meet
the continued listing requirements of the Toronto Stock Exchange ("TSX"). In a
letter dated June 15, 2007 received today from the TSX, the TSX stated that
the failure to meet the continued listed requirements related to the Company's
change in business to merchant banking from mineral exploration.
    Although it is not stated in the TSX's press release or the letter of
June 15, a representative of the TSX has advised the Company that the date of
delisting would be extended if necessary to accommodate the Company in making
an application to list its shares on the TSX Venture Exchange so as to ensure
that a market is available at all times for the shareholders of Jaguar. Based
on this statement, Jaguar does not expect that its shares will be delisted on
July 13.
    Furthermore, the Company will appeal the decision of the TSX Listing
Committee. Pursuant to Section 719 of the TSX Company Manual an appeal is made
to the same Listings Committee with the additional participation of a Senior
Vice President of the TSX. Although not stated in Section 719, a
representative of the TSX has advised the Company that the Senior Vice
President will have the "final say" on the appeal.
    If the appeal is not successful to the same Listings Committee with the
participation of the Senior Vice President, Section 719 provides for an appeal
to a three person panel of the TSX Board of Directors, and if a further appeal
is necessary, an appeal is available to the Ontario Securities Commission. A
further appeal may be made to the courts. The Company intends to pursue all
legal avenues available to preserve its listing on the TSX. If all appeals
were exhausted, the Company would then apply for a listing on the TSX Venture
Exchange.
    The original listing requirements of the TSX for industrial companies
require net tangible assets of $7,500,000 and the Company has approximately
$27 million in cash and securities. The original listing requirements for
companies forecasting profitability also require satisfactory evidence of
pre-tax earnings of a minimum $200,000 and a minimum of $500,000 in pre-tax
cash flow in the current or next fiscal year, and adequate working capital.
    The Company provided the TSX on May 28, 2007 with forecasts showing that
it satisfied the continued listing requirements. However, the TSX advised the
Company on June 7, 2007 that this evidence was not satisfactory as the
forecasts were not accompanied by an auditor's letter and a six-month
operating history. Jaguar was not able to provide the TSX with the evidence in
the requested form as the Company was not active as a merchant bank prior to
February 2007 and therefore did not have six months of operating history.
Similarly, Jaguar's auditors have advised the Company that it is not able to
provide auditor's comfort on the forecasts in the absence of an adequate
operating history. Jaguar requested an extension to the timeline by which it
must provide the evidence in the requested form in order that it have 6 months
of operations on which to report but that request was denied by the TSX.
    Contrary to the TSX's press release that Jaguar does not meet the
continuing listing criteria, Jaguar believes that it clearly does meet the
continuing listing criteria. The issue is a technicality relating to providing
evidence of meeting the original listing criteria, and Jaguar believes that if
it were provided with an appropriate extension period to allow for a six month
operating history as a merchant bank, that it could provide such evidence that
should be satisfactory to the Listings Committee or appropriate appeal
authority.

    About Jaguar

    Jaguar is a Canadian merchant bank that invests in undervalued small
capitalization companies in a variety of industry sectors.

    %SEDAR: 00002498E




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Jaguar Financial Corporation

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