- Metal recovery and water treatment company Clean TeQ (CLQ) will delist from the Toronto Stock Exchange (TSX)
- The delisting comes as 96 per cent of CLQ shares traded on the Australian Securities Exchange (ASX) over the past 12 months
- Additionally, only 1.7 per cent of Clean TeQ shares are held on the Canadian share register
- As a result, Clean TeQ shares will be unavailable on the TSX after the company delists on November 5
- On the market this morning, Clean TeQ is down 1.52 per cent, trading for 32.5 cents per share
Metal recovery and water treatment company Clean TeQ (CLQ) will delist from the Toronto Stock Exchange (TSX).
The company will move on from the ninth-largest exchange in the world on November 5.
One of the factors involved in CLQ’s decision to delist was that 96 per cent of CLQ shares traded on the Australian Securities Exchange (ASX) over the past 12 months
“The average daily volume of shares traded on ASX over the same period was 1,245,000 compared to 48,800 on the TSX,” Clean TeQ explained.
“As a result, the board of directors considers the regulatory and other costs
associated with maintaining the TSX listing cannot continue to be justified,” it added.
Additionally, only 1.7 per cent of Clean TeQ shares are held on the Canadian share register.
If Canadian shareholders are still interested in investing, they will need to move their holdings to the Australian share register.
Last week, the company began a six-hole diamond drill program at the Sunrise Project in New South Wales.
This program aims to intersect dunite structures at a depth of between 400 and 600 metres at the Phoenix Platinum Zone. The latest drill campaign is expected to take around four months to complete.
On the market this morning, Clean TeQ is down 1.52 per cent, trading for 32.5 cents per share at 10:02 am AEDT.