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Tuesday, August 26, 2014

Miner Mercator files for creditor protection in U.S., Canada, (TSE: ML.TO)

Small base metals miner Mercator Minerals Ltd said on Tuesday it had filed for protection from its creditors in Canada and the United States, and the Toronto Stock Exchange suspended trading of its shares and began a delisting review.The Vancouver-based company, which was hurt by a 2013 drop in copper and molybdenum prices and problems at its Mineral Park copper mine in Arizona, warned last week that it could be forced to file for creditor protection.On Tuesday, Mercator said it had filed a notice of intention to make a proposal under the Canadian Bankruptcy and Insolvency Act, the first stage of a restructuring process that could avert bankruptcy and possibly provide some compensation for creditors.Four subsidiaries have also filed Chapter 11 bankruptcy petitions in the United States.

Mercator Minerals, Ltd. is a Canada-based mining company. Shares of ML remained unchanged at $0.03. In the past year, the shares have traded as low as $0.02 and as high as $0.14. On average, 1626110 shares of ML.TO exchange hands on a given day and today's volume is recorded at 1130042.