Holding company for Blanket Mine in Gwanda, Caledonia Mining Corporation, has begun the process of voluntarily delisting from the Canadian Toronto Stock Exchange (TSX) citing ‘unjustified’ financial and administrative costs.
Blanket mine is into gold mining.
In an announcement on June 5, Caledonia Mining Corporation said it had applied for a voluntary delisting from the TSX effective as of the closing of trading on June 19, 2020.
“Accordingly, the company believes that the financial and administrative costs associated with maintaining its listing on the TSX are no longer justified,” said the mining group.
“Caledonia believes the limited trading volume of its shares on the TSX no longer justifies the expense and administrative complexity of maintaining the listing. Caledonia’s primary market for its shares in terms of liquidity has, for some time now, been NYSE American.”
Following the delisting, Caledonia’s shares will continue to be listed and trade on the New York Stock Exchange (NYSE) while depositary interests representing shares will also continue to trade on AIM of the London Stock Exchange.
“Since the company’s shares were listed on the NYSE American in 2017, trading on that market has become increasingly dominant, and it now provides the most liquid market for Caledonia’s shares,” explained the group.
