LONDON (Alliance News) - Nyota Minerals has Monday been suspended from trading on the AIM index for failing to complete its audit and produce its annual report by the end of December 2013.
Shares in the gold exploration and development company were flying during early trading Monday, sitting as the biggest gainer on the index trading 17% higher mid-morning on the news that the firm had completed the sale of a 75% majority stake in its Ethiopia operations to KEFI Minerals PLC, its new partner in the subsidiary, before being suspended over it lack of audit reports.
Nyota Minerals sold a 75% stake in its wholly-owned Ethiopian operations, the Tulu Kapi Gold Project in Ethiopia and the proximal exploration licences.
KEFI Minerals is an AIM-quoted gold and copper exploration and development company with projects in Saudi Arabia.
Shortly after announcing the completion of the KEFI acquisition, which was a necessary step towards signing off the accounts, said the firm, Nyota was Monday suspended from trading as, "it has not been possible to complete all those [accounts] necessary to have the accounts signed-off prior to the calendar year end and they are unlikely to be ready for publication until mid-January 2014."
Nyota shares will remain suspended until the company publishes its audited accounts, it said.
The firms' shares were suspended on the Australian Stock Exchange in September for the same reason.
Nyota shares last traded at 0.4 pence per share.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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