Australia-focused Clean TeQ Holdings has announced its voluntary delisting from trading on the Toronto exchange, with the company’s shares to be delisted after close of trade on November 5.
The exploration and development company, which owns the Sunrise Dam cobalt-rich nickel deposit in New South Wales, said its delisting was motivated by several factors, including the limited trading volume of its shares on the TSX.
Over a 12-month period to early-October 2020, 96% of shares traded occurred on the ASX. Furthermore, the average daily volume of shares traded on ASX over the same period was 1 245 000 compared with 48 800 on the TSX.
Only 1.7% of Clean TeQ’s shares are held on the Canadian share register.
“The board of directors considers the regulatory and other costs associated with maintaining the TSX listing cannot continue to be justified.”