West Perth-based Monarch Gold Mining Company Ltd has announced plans to list on the Toronto Stock Exchange by the first quarter of 2008, after listing on the Dubai International Financial Exchange earlier this year.
West Perth-based Monarch Gold Mining Company Ltd has announced plans to list on the Toronto Stock Exchange by the first quarter of 2008, after listing on the Dubai International Financial Exchange earlier this year.
The full text of a Monarch announcement is pasted below
Monarch Gold Mining Company (ASX / Dubai Exchange: MON) is proposing to list on Canada's Toronto Stock Exchange (TSX) in the first quarter of CY2008 to increase the international exposure and analyst coverage of the company.
The move would continue the expansion of Monarch, which earlier in the year also listed on the Dubai Exchange (DIFX).
Monarch is the largest Australian-owned landowner in the mineral rich area of Western Australia's Kalgoorlie Goldfields, and commenced gold production at its Davyhurst mill in August.
Monarch Chairman Michael Kiernan said listing on the TSX would provide increased investment exposure for the company, and see it join the growing trend of Australian companies listed on the exchange.
"The TSX is the world's largest natural resource market, with more than half of the world's public mining companies listed on the exchange boasting an aggregated market capitalisation of US$220 billion," Mr Kiernan said.
"This dual listing for Monarch on the TSX would significantly increase our scope and exposure to the large Northern American market, and deliver long term value for shareholders," Mr Kiernan said.
Mr Kiernan said there had been an increasing number of Australian companies opting to dual list on the TSX because of the increased appetite and recognition for exploration excellence.
"There is a particularly strong interest in gold companies being dual listed on the TSX and Monarch's advisors believe the potential re-rating for a company focused on growth through exploration success and management with a track record is significant," he said.
Monarch has made substantial progress in the past quarter towards its goal of becoming a 500,000 ounce per annum gold producer by 2009.
In August, Monarch poured its first gold at Davyhurst, extended its Kalgoorlie land base with the acquisition of the Riverina Gold Project, and announced an $11 million exploration program across its Goldfields projects. Monarch also recently appointed experience mining and resources manager Matthew Gill to the position of Managing Director.
The company is fast-tracking production of its high grade Kalgoorlie gold projects, announcing that it was ramping up production at its Davyhurst mill.
Mr Kiernan said the Company was in a strong position to capitalise on the bullish views on the gold market, and to deliver value to shareholders in the coming year.
Monarch is being advised by Prime Corporate Finance on the TSX listing.
