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Caledonia seeks to delist from Toronto Stock Exchange

By Oliver Kazunga

Dual-listed resource group, Caledonia Mining Corporation, which locally owns Blanket Mine in Gwanda, Matabeleland South, has applied for voluntary delisting from the Toronto Stock Exchange (TSX).

Blanket Mine workers process gold
Blanket Mine workers process gold

According to the mining group, financial and administrative costs associated with listing on the bourse are no longer justified.

“Caledonia announces that it has applied for a voluntary delisting from theTSX effective as of the closing of trading on June 19, 2020.

“Following delisting, the company’s shares will continue to be listed and trade on NYSE American LLC (“NYSE American”) under the symbol, CMCL,” it said in a latest update.

Caledonia said depositary interests representing shares will also continue to trade on AIM of the London Stock Exchange plc under the symbol “CMCL”.

The resource group said since its shares were listed on the NYSE in 2017, trading on that market has become increasingly dominant, and it now provides the most liquid market for its shares.

“Accordingly, the company believes that the financial and administrative costs associated with maintaining its listing on the TSX are no longer justified,” it said.

Shareholders holding shares in Canadian brokerage accounts should contact their brokers to confirm how to trade in Caledonia’s shares in the future on NYSE American or through depositary interests on AIM.

Meanwhile, Caledonia in the first quarter ended March 31, 2020, recorded 14 233 ounces (oz) of gold output at its Blanket Gold Mine. The production figure for the quarter under review was 19 percent up from 11 948 ounces produced in the relative period in 2019.

The gold producer attributed the bold performance to operational efficiencies, particularly machinery improvements towards the end of last year. The Chronicle