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- Toubani Resources (TRE) seeks voluntary delisting from the TSX Venture Exchange
- The company says its shares and overall liquidity would benefit from a centralised focus on the ASX
- Toubani also says a single listing is in the best interests of all its shareholders
- The company remains focused on its advanced Kobada gold project in Southern Mali
- Shares in TRE last traded at 20 cents
Toubani Resources (TRE) has announced plans to voluntarily delist from the TSX Venture Exchange.
The company said its plan stemmed from the view that its shares and overall liquidity would better benefit from a centralised focus on the Australian Securities Exchange (ASX).
Toubani commenced trading on the ASX on November 28, 2022.
Toubani CEO and Executive Director Phil Russo said a single listing would benefit shareholders.
“We believe a simplified listing structure is in the best interests of all our shareholders by improving liquidity in our shares as well as reducing ongoing administrative costs,” Mr Russo said.
The company is focused on the development of its Kobada gold project in Southern Mali, boasting the potential to produce more than 100,000 ounces of gold per annum.
“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,” Mr Russo added.
The company said it would instruct TSX-V shareholders on how to transfer common shares into CHESS Depositary Interests, enabling them to trade on the ASX.
Shares in TRE last traded at 20 cents.
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