Potash junior Emmerson Plc, Isle of Man, proposes to apply for admission to list on the AIM market of the London Stock Exchange (LSE) and cancel its listing on the LSE’s main market, the company said in a March 2 filing.
The company, which is focused on developing the Khemisset potash project in northern Morocco, said the AIM is more suited to the company’s current size and strategy, and will offer greater flexibility for corporate transactions.
A general meeting of shareholders has been called for March 25 to approve the move, and if approved, the trading on AIM should start on April 26.
Emmerson said the decision follows its recent £5.5 million (approximately $7.7 million at current exchange rates) raise and as it moves to start mine construction at Khemisset before the end of this year (GM February 19, p. 36).
The company recently received the mining license for the project from the Moroccan Ministry of Energy, Mines, and the Environment (GM Feb. 12, p. 37), and last month reported that it is assessing a conceptual, staged, development for the project, aimed at reducing upfront capital costs and incorporating expansion options into the project development plan, including incorporating potassium sulfate production.