IMX to delist from Canadian exchange

Local minerals explorer IMX Resources has announced plans to delist from the Toronto Stock Exchange due to a lack of demand for its shares in the Canadian market.

In a statement today, Derek Fisher-chaired IMX said more than 99 per cent of its share-trade volume in the past 12 months had occurred on the ASX, and the company could no long justify maintaining its TSX listing given the low volume of trade on the Canadian market.

“In order to trade their securities on the ASX, Canadian beneficial holders will need to have their holdings transferred to the Australian share register,” it said.

“After the proposed delisting date of August 10, and until a transfer to the Australian register is effected, shareholders in the Canadian register and beneficial shareholders holding their securities will not be able to trade their shares on the ASX and their holdings will remain on the Canadian register.”

The official delisting date will be announced after IMX has received confirmation from the TSX.

IMX’s decision to delist from the TSX follows the same path that several Western Australian-based companies which, in recent years, found themselves in similar situations.

Nickel-focused Western Areas launched a dual listing in 2005 only to delist a year later due to a lack of shares taken up, while copper producer Tiger Resources also exited the TSX in 2013 because of low trading volumes.

Local gold producer Troy Resources announced plans to delist from the TSX in April.

IMX shares were unchanged at 1.2 cents each at 10:30am.