Lucara Diamond, the BSE/TSX-quoted mining outfit, said it has obtained conditional approval for the trading of its common shares on NASDAQ OMX First North in Sweden.
The company, which is developing AK6 in Botswana, applied for the listing in Sweden in a move aimed at spreading liquidity across the markets.
Lucara CEO William Lamb said they are pleased to have received conditional approval and expect to fulfill the requirement for a sufficient number of shareholders.
“Lucara believes that the listing on First North will add to the strong shareholder register, which Lucara has and looks forward to welcoming many new shareholders when trading commences,” he said.
The shares are expected to become subject to trading on First North at the market opening on November 25, 2011 under the symbol “LUC”.
Equally, the shares will remain subject to trading on the Toronto Stock Exchange and the Botswana Stock Exchange under the symbol “LUC”.
According to an update, E. ├ûhman J:or Fondkommission AB (“Pareto ├ûhman”), part of the Pareto Securities group, is engaged as the Company’s financial adviser in conjunction with the listing and is Lucara’s Certified Adviser on First North.
A company description has been prepared in accordance with First North’s rules and will be made available on the Company’s and Pareto ├ûhman’s respective websites.
The Canadian miner, which has assets in Botswana, is already listed on the Toronto Stock Exchange (TSX) and has a secondary listing on the Botswana Stock Exchange (BSE) and the move is meant to spread liquidity across the markets.
Information on NASDAQ OMX First North website says it is an alternative market, operated by the different exchanges within NASDAQ OMX. It does not have the legal status as an EU-regulated market.
Companies at First North are subject to the rules of First North and not the legal requirements for admission to trading on a regulated market. The risk in such an investment may be higher than on the main market.
Lucara is a well-positioned, emerging, new diamond producer and it has two key assets: AK6 diamond mine in Botswana and the Mothae diamond mine in Lesotho.
The 100 percent owned AK6 project is in the construction stage with mine commissioning scheduled to commence in the fourth quarter of 2011.
The 75 percent owned Mothae mine is currently in the trial mining stage. Both Mothae and AK6 are world class assets with tonnage and throughput upside; diamond values from both could significantly increase with the continued recovery of Type IIA and large stones.
Lucara listed in Botswana in July in a move aimed at giving the local people a chance to invest in diamonds in a country which is the largest source of diamonds.
AK6 project is expected to be handed over to Lucara by EPCM contractor by February 16, 2012.
It was initially supposed to be handed over by December 16, 2011, but the date was affected by labour actions in South Africa that affected the delivery of construction materials.