Patagonia Gold to delist from TSX owing to low trading volumes
TORONTO (miningweekly.com) – Advanced-stage explorer Patagonia Gold on Friday said it had given notice to the TSX to delist its shares, saying its directors believed the trading volume of its shares did not justify the expenses and administrative efforts associated with maintaining its dual listing on the TSX and the LSE’s Alternative Investment Market (Aim).
Patagonia Gold said the TSX had confirmed that its ordinary shares would be delisted with effect from the close of business on July 12.
The company’s ordinary shares would continue to trade on the Aim under the trading symbol PGD.
Patagonia Gold said its listing on the Aim provided its shareholders with sufficient liquidity, as the market accounted for nearly all the company's current trading volume.
Further, the directors believed that administrative and regulatory efficiencies would be achieved by focusing on the single listing.
Patagonia Gold said the voluntary delisting was not expected to have an impact on the group's ongoing operations, nor on its ability to raise further funds, if required, to progress its other projects.
The company is currently ramping up production at its Lomada de Leiva main heap-leach project, in the Santa Cruz province of Argentina, to achieve an expected production target of 14 000 oz of gold for the second half of the year.
Patagonia Gold’s shares slid 30.23% on the TSX on Friday to close at C$0.15 apiece.
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