Chesterfield Resources plc has revised its plans for secondary listings on the Toronto Stock Exchange Venture, Frankfurt and the OTC markets for its copper assets.
STRATEGY
The move is part of the company’s strategy to unlock value for shareholders from its Adeline project in Labrador, Canada and exploration package in Cyprus.
In a statement, Chesterfield said it had been pursuing secondary listings but the board had decided that “the time and resources required for a secondary listing are currently not prudent”.
The company added it was also implementing “further efficiencies to minimise the need for dilutive capital raisings”.
DISCUSSIONS
“The board recognises a project of Adeline’s scale, size and potential value will require the introduction of external support both for capital and to enhance the company’s and Altius [previous owner Altius Minerals Corp]’s technical expertise.
“The board will be commencing discussions with third parties and will update the market with developments.”
Chesterfield said it would continue to retain an “active presence” in Cyprus.
COMMUNICATION
“We are very excited to now take the company in a fresh strategic direction with a focus on unlocking the potential of its assets in Canada and Cyprus to create significant shareholder value that resides within the company,” added new executive chairman Paul Ensor.
“In addition, the board aims to enhance its communication with regular updates to shareholders on its progress and developments.”
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