Canadian gold company Toubani Resources (ASX:TRE) has applied to voluntarily delist its common shares on the Toronto Stock Venture Exchange (TSX-V).
The company believes that its shares and overall liquidity will benefit from a centralised focus on the Australian Stock Exchange (ASX), following its listing in November 2022.
“We believe a simplified listing structure is in the best interest of all our shareholders by improving liquidity in our shares as well as reducing ongoing administrative costs”
Commenting on the delisting, Toubani Resources Chief Executive Officer (CEO) and Executive Director, Phil Russo says: “We believe a simplified listing structure is in the best interest of all our shareholders by improving liquidity in our shares as well as reducing ongoing administrative costs.
Kobada is a significant, advanced development asset that stands to benefit from a focus on a single exchange and the delisting best positions the company to realise the asset’s full value, particularly as our exploration program continues to deliver results and our optimisation studies are underway.”
Toubani reports instructions will be provided to TSX-V shareholders shortly regarding the process of transferring common shares into CHESS Depositary Interests, which will enable them to be traded on the ASX. The delisting is also subject to the approval of the TSX-V.
Toubani Resources is a Canadian exploration and development company aiming to develop a gold platform in West Africa. The company’s primary focus is the Kobada Gold Project in Southern Mali. The Kobada project is described as a low operating cost gold project with the potential to produce more than 100,000 ounces of gold per annum.
The project is 90% owned by Toubani with the remaining 10% interest held by the Government of Mali, and it is located about 126km from the nation’s capital city, Bamako.
Images: Toubani Resources Inc.
