Lion One Metals Limited, a Canadian gold producer, has announced its delisting from the Australian Securities Exchange (ASX) following a voluntary delisting application. The ASX has advised the company that it will be removed from the official list pursuant to ASX Listing Rule 17.12. The company’s CHESS Depositary Interests (CDIs) are currently suspended from trading on ASX.
The decision to delist from the ASX was driven by the low frequency of trading, low volumes traded, and limited index inclusion of CDIs on ASX compared to the TSX Venture Exchange (TSX-V). As of July 31, 2024, the percentage of CDIs held on the Australian CDI register is approximately 5.89% of the company’s total issued share capital.
Lion One Metals believes that the financial, administrative, and compliance obligations and costs associated with maintaining an ASX listing are no longer in the best interests of its shareholders. Despite the company’s request for a voluntary delisting, ASX has decided to remove Lion One from the official list.
Following the delisting, Lion One Metals’ common shares will continue to be traded on the TSX-V under the trading symbol LIO and on the OTCQX under the trading symbol LOMLF.
CDI holders will have all their CDIs automatically converted, on a 1:1 basis, into Shares listed on the TSX-V registered directly in their own name in book-entry form on the Canadian share register. However, trading shares on the TSX-V will require holders to make independent arrangements with a broker in Canada or an Australian broker with a relationship with a Canadian financial institution.
The delisting process will result in CDIs no longer being quoted or traded on ASX. CDI holders with any questions about the delisting process can contact Computershare for assistance.
Lion One Metals Limited is an emerging Canadian gold producer with operations at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The company also holds an extensive exploration license covering the entire Navilawa Caldera, which has multiple mineralized zones and highly prospective exploration targets.