KEY POINTS:
Otago-based miner Oceana Gold is due to list on the Toronto stock exchange (TSX) in Canada this month and, with a name change to Oceana Gold Corporation, will relist on the New Zealand (NZX) and Australian (ASX) bourses.
The proposal has been approved at a special meeting of shareholders in Melbourne. On Friday Oceana Gold said it had gained court approval for the listing scheme.
Oceana Gold Corporation's primary listing on the TSX will take effect from June 26. The Canadian listing will trigger a company restructuring and a second A$100 million ($112 million) capital raising, following the raising of A$140 million eight months ago.
Oceana Gold is New Zealand's largest gold producer. It began mining at its Macraes site in east Otago in 1990 and has developed a West Coast operation, due to formally open in July. Last year it entered into a gold-copper venture in the Philippines, which boosted its market capitalisation twofold, to A$537 million, at the time.
The Toronto listing is to provide Oceana Gold with exposure to a broader spectrum of investors, which its directors expect to increase trading liquidity in the company's shares.
- Otago Daily Times
