Metalicity Seeking TSX-V Listing for Admiral Bay Project

THE BOURSE WHISPERER: Metalicity (ASX: MCT) is chasing a TSX Venture Exchange-listing for the company’s Admiral Bay zinc project located in Western Australia.

Metalicity said the idea of listing Admiral Bay in Canada on the TSX Venture Exchange (TSX-V) had received endorsement from project stakeholders and some of the world’s largest mining investors including Resource Capital Funds (RCF) and China Minmetals.

“During the course of the previous six months the company has received numerous reverse enquiries from Canadian investment banks and fund managers concerning Admiral Bay, with the scale and quality of Admiral Bay being of particular interest,” Metalicity explained in its ASX announcement.

“Further, the relative value ascribed to the asset by ASX investors is very attractive to those investment banks and fund managers.

“While some of those market participants can invest on the ASX, and indeed a number of North American institutions corner-stoned the Company’s recent capital raising, far and away the majority of them predominantly focus on the North American markets, and have actively encouraged the Company to seek a listing of Admiral Bay on the TSX-V.”

Metalicity went on to say that the current strong market interest will allow the progression of Admiral Bay through a Preliminary Economic Assessment (PEA), its next round of resource and exploration drilling, followed by completion of a PreFeasibility Study (PFS), and ultimately into production.

The company said it held meetings with leading North American investment banks, stock brokers, research analysts and fund managers, during and after the PDAC Conference in early March, from which it had determined there to be plenty of North American market interest in Admiral Bay.

“The overwhelming view of these market participants was that the most attractive listing process and structure for MCT shareholders and new investors is an Initial Public Offering (IPO) of Admiral Bay onto the TSX-V,” the company said.

To conduct the listing, Metalicity will form a 100 per cent-owned subsidiary company in Vancouver, Canada, to be named Kimberley Mining Limited, into which, pending shareholder approval, it will effectively vend Admiral Bay.

Kimberley Mining would then undertake an IPO in Canada and seek a listing on the TSX-V concurrently with the completion of the offering.