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IN BRIEF: Nord Gold plans initial public offering for late June

Thu, 10th Jun 2021 14:33

Nord Gold PLC - London-based gold miner - Confirms it is planning an initial public offering on the London Stock Exchange's main market, with a secondary listing on the Moscow Exchange.

The London-based gold mining company has assets in West Africa, Kazakhstan and Russia with around 1 million ounces of production each year. Says its earnings before interest, tax, depreciation and amortisation for 2020 exceeds USD1.0 billion. Production at Nord Gold's mines has increased at a compound annual growth rate of around 15% between 2008 and 2020.

The miner expects to go public around late June or early July. The number of shares, valuation, share price are yet to be confirmed. The market cap on admission is also to be confirmed.

Says the initial public offering price will be settled after bookbuilding process. The company is targeting a free float of at least 25% of it's issued share capital. Notes the initial public offering will be a secondary sell-down of existing shares, with no new shares in the offer.

Chief Executive Nikolai Zelenski says: "The significant interest shown by potential investors has been very encouraging, giving us the confidence to move forwards with our proposed premium listing on the London Stock Exchange. [Nord Gold] is a one million ounce plus gold producer, with a globally diversified asset base, a proven track record of new mine development and ambitious plans for future production growth centred on our strong position in the highly prospective gross region. The combination of scale, growth and a commitment to shareholder returns is expected to leave [Nord Gold] well positioned to continue to create value for all stakeholders."

By Scarlett Butler; scarlettbutler@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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