EMED Mining (LSE:EMED) is moving closer to listing on the Toronto Stock Exchange (TSX), having filed a preliminary prospectus in connection with the proposed public offering in Canada.
Apart from the preliminary prospectus, the documents now available include independent technical reviews by Behre Dolbear International of EMED’s Rio Tinto copper mine in Spain and its Detva gold project in Slovakia.
EMED is yet to decide on the size and pricing of the public offering.
“We will now work towards this dual-listing, following a marketing period that will determine the size and pricing of any offering in Canada vis a vis a placing on AIM," said managing director of EMED Mining Harry Anagnostaras-Adams.
“The definitive size of the offering as well as the offering price will be determined in the context of the market,” he said.
The TSX listing will garner the company an additional source of funding to help it advance the development of its project as well as expand its shareholder base with Canadian investors, giving it exposure to an investor community that specialises in mining.
Rio Tinto is EMED’s key asset with its efforts currently focused on restarting the major copper mine.
Discussions with potential customers of Rio Tinto's production as well as financiers to restart the project are ongoing.
Mining and process plant repairs and upgrades are slated to begin in mid-2011 and production can be commissioned at the end of 2011.
It has been estimated that the company will need to commit US$100 million in capital expenditures to bring the project back into production.
The group said a fortnight ago that, at the then copper price of US$3.65/lb, PRT’s projected net operating cash flow is estimated to average US$156 million per year under the "base case" development plan.
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