LONDON (Alliance News) - Europa Metals Ltd on Thursday said its directors have resolved that its continued listing on the official lists of stock exchanges is no longer in the interest of its shareholders.
As such, the miner has submitted applications for its removal from the official list of the Australian Stock Exchange and for its migration from the Main Board of the Johannesburg Stock Exchange to the Alternative Exchange.
This forms part of Europa Metals' plan to cut administrative costs while keeping its "access to capital from international markets".
In 2019, the company's objectives are to begin its environmental impact study and baseline work for the year, as well as to complete a surface work programme at its Toral project in Spain.
Europa Metals also aims to conduct a drill programme and progress Toral towards a feasibility study.
"The fourth quarter of 2018 saw us complete our independent scoping study on Toral, with very positive results, and announce initial results for our team's first diamond drilling campaign on the project," said Europa Metals Executive Director Laurence Read.
"Post period end, we announced the commencement of a delisting process from the ASX and a proposed move from the Main Board of the JSE to the AltX. On the ground, work continues at site as we seek to progress towards a full feasibility study for Toral that will be centered on a high grade production core," Read added.
Shares in Europa Metals were up 3.8% at 0.038 pence in London, while its Johannesburg shares were untraded on Thursday afternoon, last quoted at ZAR0.01.
Europa Metals (EUZ)