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Toronto market listing rush continues

ECHELON Resources Ltd and Bannerman Resources Ltd have this month joined the increasing number of Western Australian companies pursuing a dual listing on the Toronto Stock Exchange. The uranium explorers have each appointed Haywood Securities as lead agent for their planned TSX listing. They both noted that Haywood was co-lead for the TSX listing of Paladin Resources Ltd, presumably in the hope that Paladin’s booming share price will encourage investor support for their shares. More than 15 WA companies have listed on the TSX, which has become the leading global exchange for mining companies. The TSX has enabled several Perth-based companies to complete very large capital raisings. Anvil Mining Ltd is currently in the process of raising $195 million through an underwritten share offer in Canada, to support development of its copper project in Africa. Mirabella Nickel Ltd recently completed a $200 million capital raising for its nickel project in Brazil, while Centamin Egypt Ltd raised $153 million through its Toronto initial public offering for development of its gold project in Egypt. On a smaller scale, Andean Resources Ltd, which is developing a project in Argentina, listed on the TSX last month after raising $9.8 million from North American investors.

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