Join our daily newsletter At The Bell to receive exclusive market insights
- West African gold project proponent Toubani Resources (ASX:TRE) has become an Australian-registered company
- The company was formerly Canadian as far as the ASX was concerned
- Existing CDIs will be cancelled and common shares will become fully paid ordinary shares on a 1:1 basis
- Shares are currently unavailable
Toubani Resources (ASX:TRE) has today confirmed its registration as an Australian company.
Picking up one Kevin Hart as the sole company secretary going forward, the board thanked former secretary Shaun Drake.
Rules previously applicable to Toubani as an Oz-listed Canadian company have now been lifted with Toubani to enjoy full rights as a domestic domiciled entity.
BDO as auditor for Oz
To handle all Australian tax and backend obligations, the company is appointing BDO Australia as its auditor.
Shareholders will vote on that proposition at the next AGM. BDO already does some work for Toubani.
Toubani has officially been an Australian company since January 8 with shareholders first ticking off on a move to register here back in September 2023.
Technicality considerations
Existing Chess Depositary Interests (CDIs) – which allow one to buy Australian ‘equities’ in an overseas operating entity – will be cancelled.
In their place, new holding statements will be issued in support of uncertificated shareholdings.
All common shares will become fully paid ordinary shares on a 1:1 basis.
For the uninitiated – Toubani oversees the West African Mali-based Kobada gold project.
Share prices for TRE are currently unavailable.
