Kore Potash Limited (ASX:K2P) has started the formal process of shifting its domicile to the UK from Australia ahead of a listing on AIM.
A newly incorporated special purpose public limited company, Kore Potash PLC (Kore UK), has been established to facilitate the transaction. Kore UK will become the new parent company of the group.
READ: Kore Potash has a big project, big plans, and even bigger backers
Kola, a potash project in the Republic of Congo, is its main asset and the company believes the move of domicile will give greater access to capital markets and debt providers as there is already an understanding of large scale African resources projects within the UK investment community.
The Republic of Congo and the UK also have a bi-lateral trade agreement.
Assuming approval of the scheme, the re-domicile will take place by the end of 2017, today’s statement said.
Sean Bennett, chief executive, added: “This is the first step in preparing Kore for its large construction fund raise to support the development of the Kola Potash Project.
“Redomiciling the company and dual listing on the ASX and, as previously announced, potentially AIM is expected to increase liquidity and better position the company to access a larger pool of capital.”