TORONTO (miningweekly.com) – Canada’s Nautilus Minerals will delist from the London Alternative Investment Market (Aim) of the London Stock Exchange on March 8, with its last trading day being on March 7.
The company, which is currently locked in a dispute with the Papua New Guinea government over funding for the proposed Solwara 1 deep-sea copper/gold project, in the Bismark sea, said the decision to cancel has been made following a careful review of Nautilus' listing on Aim by the company's board.
The main reasons for the board's decision were the lack of liquidity in the company's shares on Aim and the cost of maintaining the listing.
Nautilus said its board considered that the costs incurred to maintain the listing now exceeded current and potential future benefits the company could obtain from the listing.
The company indicated it would maintain its listing on the Toronto Stock Exchange.
Nautilus’ stock traded 2.27% lower on Friday afternoon at 43 Canadian cents apiece; however, the company’s stock had lost 80% of its value in the past year.