Wednesday, October 21, 2020

Galane Gold makes secondary listing on the BSE

Galane Gold Ltd, the gold explorer and producer that operates a gold mine near Francistown, concluded its secondary listing on the Botswana Stock Exchange joining a list of international companies that have found home in the local bourse.

However, the company advised that the listing will not result in any changes to the rights and entitlements of holders of the company’s common shares, irrespective of whether they purchase their shares through the TSXV or the BSE.

Galane Gold CEO Philip Condon said they expected that over time, the listing will contribute to a lower cost-of-capital and increased liquidity in the company shares.

“Listing our shares on the BSE further aligns our Company with Botswana, home to our operations, employees and future aspirations,” Condon said on Monday.

“We are very pleased to facilitate investor participation from Botswana and Southern Africa and believe that increased ownership in Botswana will benefit the Company and all of its shareholders,” he said.

Galane Gold Ltd. is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana.

It is a public company and its shares are quoted on the TSX Venture exchange under the symbol GG.

The company’s key asset in Botswana is the Mupane mine which was bought from Iamgold last August.

Iamgold sold the mine as the previously BSE quoted outfit said its strategy has been to focus on core long-life assets that can provide the greatest potential for driving growth in production.

Mupane holds prospecting licenses and mining licenses covering the entire prospective area of the Tati Greenstone Belt in Botswana.

The Tati Greenstone Belt is part of the Zimbabwe Craton, a prolific area for gold production that has produced over 77 million ounces of gold historically.

Galane’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes.

The company said it is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.

This listing will serve as a secondary listing for the Company’s common shares and the primary exchange for the common shares will remain the TSX Venture Exchange (TSXV).

The listing also BSE does not involve the issuance of new common shares of the company or any other securities or derivatives, such as depositary receipts, as it was structured solely to allow the common shares of the company that are currently issued and outstanding to be tradable by investors through the facilities of the BSE.

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