SolGold Toronto listing application gets conditional approval

SolGold advised the market on Friday that the listing committee of the Toronto Stock Exchange (TSX) had conditionally approved the company's application to list SolGold on the TSX.

The AIM-traded firm described the TSX/TSXV as a “robust market” with liquidity and access to capital - particularly for the mining sector - with participation from over 200 Canadian institutional mining investors and more than 500 international institutional mining investors.

It claimed the TSX/TSXV was the top public market for mining companies globally with 1,213 public listings with combined market capitalization of CAD 297bn, and coverage by more than 200 mining analysts.

In 2016, the TSX/TSXV accounted for 57% of all equity capital raised in the mining sector, making it the top source of investment for mining companies globally.

Final approval for the listing remained conditional on the company satisfying the conditions and requirements imposed by the TSX.

The board said it would work to satisfy those conditions as quickly as possible, and upon obtaining final approval, the company would issue a further press release.

“The TSX listing will constitute a milestone for SolGold, providing a local Canadian trading platform for existing and new Canadian shareholders and investors,” said CEO Nick Mather.

“SolGold's listing on TSX will deliver access to the world's premier copper gold explorer in Ecuador, one of the most promising and relatively unexplored theatres in the world.”

“SolGold's strong operating capability, 85% ownership of Cascabel, extensive tenure position over a large portfolio of other promising copper gold porphyry across Ecuador, strong cash position and the endorsement of the company by one of the world's most accomplished block cave copper gold miners, Newcrest Mining, combine to make the pending TSX listing a timely development.”

The company would remain listed on the AIM Board until such time as its application to move to the main board of the LSE was approved, the company added.