TORONTO: Generation Mining Limited announced that it has received final approval for the listing of its common shares on the Toronto Stock Exchange (TSX). Effective at market open on July 15, 2020, Gen Mining will commence trading on the TSX under the ticker symbol “GENM”.
In connection with the TSX listing, the common shares of the Company were delisted from the Canadian Securities Exchange effective as of the close of business on July 14, 2020.
Gen Mining believes that the TSX listing is a significant next step in the Company’s progression, and which should facilitate access to a broader range of investors as well as provide exposure to larger pools of capital, including long-term institutional investors and large investors abroad such as in the USA and Europe.
The Company’s common shares continued to be listed in the USA on the OTCQB Venture Marketplace under the symbol “GENMF”.
Gen Mining’s focus is the development of the Marathon Deposit, the largest undeveloped platinum group metal Mineral Resource in North America. The Marathon Property covers a land package of approximately 22,000 hectares, or 220 square kilometres.
Gen Mining acquired a 51% interest in the Marathon Property from Sibanye Stillwater on July 10, 2019 and can increase its interest to 80% by spending $10 million over a period of four years. As at the end of Q1 2020, approximately $4 million of the $10 million has been spent.
Sibanye Stillwater has certain back-in rights that allow it to increase its interest in the Marathon Property back up to 51% in certain circumstances and subject to certain conditions after such time as Gen Mining has earned its 80% interest.