Cornish Metals share plan to float on the London Stock Exchange
(Kitco News) - Cornish Metals ( CUSN:TSX) has announced its intention to apply for admission of its common shares to trading on the Alternative Investment Market (AIM) of the London Stock Exchange. Concurrently with Admission, and subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange, the firm is proposing to raise £5 million by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada.
In the statement, Richard Williams, CEO of Cornish Metals, stated, "I am delighted to share our decision to bring Cornish Metals to the London market. This is an opportunity for us to partner with investors from the United Kingdom, to work towards becoming a domestic supplier of technology metals fundamental to the world of e-vehicles, battery technology, renewable energy, 5G internet, computing, data storage, robotics, etc.". He added "United Downs is one of the most exciting exploration projects in the country. The commencement of a drilling programme will mark the start of a strategy to create a mining company with a Cornwall focus. There is an opportunity for Cornish Metals to become a domestic source of metals to the UK's high-tech sector, where copper, tin and lithium are important.".
The Company's core projects are the United Downs underground copper-tin exploration project and the South Crofty tin project in Cornwall, United Kingdom. Subject to completion of the AIM listing and funding, the Company's plan is to conduct an 8,000m drill programme at United Downs to define the resource potential over a 1,000m+ strike length of the main target zone.