Vancouver — Citing a lack of interest in its shares and arbitrage trading, dual listed Argosy Minerals (AGY-V) has requested to be taken off of the Canadian Ventures Exchange (CDNX).
The company puts the blame firmly on the light trading volumes of it shares on Canada’s junior bourse compared to those in on the Australian Stock Exchange (ASX), where it will continue to trade. Argosy management has also noticed that traders would take advantage of currency fluctuations and share price differences between the two exchanges by buying its shares on the CDNX and immediately sell them on the ASX, realizing a profit.
Argosy shares will be delisted on October 4.
The junior recently has inked a joint venture agreement with the world’s largest nickel producer, JSC (MMC Norilsk Nickel) paving the way for the completion of a feasibility study over the Nakety-Bogota nickel project in New Caledonia.
Located near Inco’s (N-T) Goro deposit slated for production in 2004, a 1998 study put the measured and indicated nickel laterite resource over the Nakety zones at 34.5 million dry tonnes grading 1.53% nickel and 0.11% cobalt. The Bogota target has yet to be defined but has to potential to host up to 176 million dry tonnes grading 1.5% ncikel and 0.1% cobalt.
No specific details of the deals were released, only that Norilsk would fund the study, leading to a potential joint venture agreement. The feasibility study and budget are currently under review by the parties.
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