Central Asia Metals says Toronto listing gets conditional nod

Central Asia Metals PLC on Tuesday said it has received conditional approval for a listing on the Toronto Stock Exchange.

Central Asia Metals is a copper, zinc and lead producer and explorer with operations in Kazakhstan and North Macedonia.

In June, Central Asia Metals proposed to acquire Cygnus Metals, a Perth, Australia-based mining company targeting copper and gold at its flagship Chibougamau project in Canada, for AUD232 million, around USD165.8 million.

Under the deal, Cygnus shareholders are entitled to receive 0.06 new Central Asia Metals shares for each Cygnus share. Following completion of the deal, Central Asia Metals shareholders are expected to own around 70% of the enlarged firm, while Cygnus shareholders would own 30% of Central Asia Metals' diluted share capital.

The company said on Tuesday that the listing will include the new shares Central Asia Metals will issue to Cygnus Metals shareholders as part of the deal.

Final approval for the listing is subject to standard conditions of the Toronto Stock Exchange, including the successful completion of the Cygnus deal, Central Asia Metals added.

When it announced the Cygnus deal in June, Central Asia said it would "use all reasonable endeavours to apply for approval" of a Toronto listing.

Central Asia Metals Chief Executive Officer Gavin Ferrar said: "Although not a condition precedent to the Cygnus transaction, this approval represents an important step towards realising our strategy to maximise the value from the acquisition of Cygnus and its flagship Chibougamau project in Quebec.

"Toronto is one of the world's premier centres for mining equities, with a deep understanding of the sector, and we regard a Toronto Stock Exchange listing as highly complementary to our prospective ownership of a significant mining project in Canada."

Shares in Central Asia Metals were down 1.9% at 174.60 pence in London on Tuesday afternoon.

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