SYDNEY, Australia, Oct. 17, 2013 /CNW/ - Reliance Resources Limited (TSX: RI) ("Reliance" or the "Company") advises that as announced by the TSX today, it has been placed under review with respect to meeting the continued listing requirements of the TSX due to the Company's current trading price, failure to meet minimum market capitalization requirements and lack of sufficient independence at the Board and executive levels.
The Company advises that it is in the process of rectifying the deficiencies at the Board and executive management levels which will be announced shortly. With reference to the Company's market capitalization and trading price, the Company is actively pursuing opportunities which it anticipates will rectify this and will advise as developments arise.
The Company is in discussions with the TSX regarding the foregoing and fully intends to meet the continued listing requirements of the TSX within the 120-day timeline.
RELIANCE RESOURCES LIMITED
SOURCE: Reliance Resources Ltd.
For further information:
+1 864 991 6687