TORONTO, Sept. 02, 2019 (GLOBE NEWSWIRE) -- Aguia Resources Limited (ASX: AGR, TSXV: AGRL) (Aguia or Company) is pleased to provide the Company's shareholders with the following update.
Following a Board meeting held on 15 August 2019 and liaison with the Toronto Stock Exchange, (TSXV) the Company will delist from the TSX to reduce cost and duplication associated with a dual listing. The final date of TSX trading will be the close of business 16 September 2019.
Our Future
Aguia is an Australian company which listed on the ASX on 12 February 2008 and dual listed on the TSXV, Canada on 6 July 2017, primarily as a means of increasing access to capital.
Your new Board wishes to reduce unnecessary cost to concentrate expense where it adds value to shareholders, namely in the development of our phosphate assets and via drilling as we explore our copper assets.
Our job is to keep working on business imperatives whilst improving our investor relations effort. In this way, our future equity needs are met by keeping current and potential capital providers attuned to the progress of the Company.
Quote by Chair – Ms Christine McGrath
“I’m pleased to confirm plans to further reduce costs and sharpen our corporate focus by the Board instigating the TSX delisting process. Ultimately, this decision is in alignment with the Board’s focus of greater fiscal responsibility and delivering shareholder value by progressing the exciting projects the company has under development.”
Quote by Executive Director – Mr David Shearwood
“Dual listings can be beneficial, however in our case; and after analysis of outcomes and our view of Aguia’s future capital needs, there is no need to be dual listed because it adds to costs and distraction. The bulk of recent capital raisings have been sourced from Australian investors and we expect the ASX marketplace is sufficiently large to offer opportunities for the Company to raise the capital we will need.”
For further information, please contact:
Christine McGrath, Non-Executive Chair
E: cmcgrath@aguiaresources.com.au
or visit's Aguia's website at www.aguiaresources.com.au.
About Aguia:
Aguia Resources Limited, (“Aguia”) is an ASX and TSX Venture listed company whose primary focus is on the exploration and development of mineral resource projects in Brazil. Aguia has an established and highly experienced in-country team based in Belo Horizonte, Brazil with corporate offices in Sydney, Australia. Aguia’s key projects are located in Rio Grande do Sul, a prime farming area which is 100% dependent on phosphate imports. The Rio Grande phosphate deposits exhibit high quality and low-cost production characteristics, and are ideally located with proximity to road, rail, and port infrastructure. Aguia’s experienced management team has a proven track record of advancing high quality mining assets to production in Brazil.
NONE OF THE AUSTRALIAN STOCK EXCHANGE, TSX VENTURE EXCHANGE OR THEIR REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.