Sovereign Metals Ltd (ASX:SVM) has begun the process of listing its ordinary shares for trade on the AIM, the London Stock Exchange, expanding its sphere of exposure to the markets of the northern hemisphere.
The company anticipates it will be admitted to the AIM on December 14, 2021, with the ticker code SVML. SVM will continue to trade its ordinary shares on the ASX.
As part of the dual listing, the company’s current London-based director Ben Stoikovich will take the role of non-executive chair and Ian Middlemas will become a non-executive director. These changes will come into effect post-admission on the AIM.
Exposure to new markets
Sovereign Metals managing director Dr Julian Stephens said: “We are really pleased to be listing on the AIM Market which will provide exposure of our globally significant rutile discovery to new capital markets.
“The company is looking forward to presenting the initial Kasiya Scoping Study before the end of the year to both current and new investors.”
RFC Ambrian Limited has assisted with the dual listing process and is the company’s nominated adviser while Optiva Securities has been appointed as the company’s broker.
“Globally significant” rutile discovery
Rutile is the most common and stable form of titanium dioxide and is a key component in paint and optical equipment.
Sovereign Metals believes its Kasiya rutile asset in Malawi, Africa, is globally significant as one of the largest deposits in the world. The company is in the process of developing a large-scale, long-life rutile operation, with a focus on an environmentally responsible, sustainable and socially uplifting operation.
Demand for high-grade titanium dioxide feedstocks continued to remain strong, and along with supply shortages has led to continued rutile price appreciation, with some sales in the spot market exceeding US$2,000 per tonne.