Sovereign Metals Limited (ASX:SVM) shares will be admitted to the AIM market of the London Stock Exchange (AIM) at 8am (GMT) today while retaining its ASX listing.
The dual listing is expected to further raise the company’s profile in the northern hemisphere and facilitate the participation of UK and other European investors in Sovereign’s growth.
With a scoping study for the Kasiya Rutile Project in Malawi due to be published in the coming days, the AIM admission seeks to position Sovereign for the next stage of its development.
“Major step forward”
Sovereign’s managing director Dr Julian Stephens said: “I am extremely pleased to complete our listing on AIM which represents a major step forward in the company’s growth, especially as we look to publish our scoping study for Kasiya.
"The company is very much looking forward to revealing the potential economics of this globally significant rutile discovery to existing shareholders and new AIM investors in the coming days.
“The listing is further expected to raise our profile in the UK and European markets for the next stage of our development. Sovereign is looking forward to proactively engaging with the London market.”
READ: Sovereign Metals moves to extend northern hemisphere exposure through dual listing on AIM
Sovereign Metals’ shares will trade on AIM with the code of SVML and will continue to trade on ASX as normal with a code of SVM.
RFC Ambrian Limited has assisted with the AIM listing process and will be the company’s nominated adviser with Optiva Securities having been appointed as broker.
As part of the dual listing, the company’s London-based director Ben Stoikovich will take the role of non-executive chair and Ian Middlemas will become a non-executive director.
Large rutile deposit
Rutile is the most common and stable form of titanium dioxide and is a key component in paint and optical equipment.
Sovereign Metals believes its Kasiya rutile asset in Malawi, Africa, is globally significant as one of the largest deposits in the world. The company is developing a large-scale, long-life rutile operation, with a focus on an environmentally responsible, sustainable and socially uplifting operation.
Demand for high-grade titanium dioxide feedstocks remains strong, and along with supply shortages, has led to continued rutile price appreciation, with some sales in the spot market exceeding US$2,000 per tonne.