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  • Caledonia Mining (TSX:CAL) is planning to voluntarily de-list from the Toronto Stock Exchange and focus on the US investor market
  • The company listed on the New York Stock Exchange in July 2017, which has since become the most dominant market for its shares
  • It noted that the financial and administrative costs associated with maintaining its TSX listing are no longer justified
  • The company’s shares will continue to trade on the AIM of the London Stock Exchange
  • Caledonia Mining (CAL) is down 6.34 per cent and is trading at C$20.69 at 11:45am EDT

Caledonia Mining (TSX:CAL) is planning to voluntarily de-list from the Toronto Stock Exchange and focus on the US investor market.

Headquartered in Toronto, the company is focused on gold exploration, development and mining in Zimbabwe and South Africa.

Its primary asset is the producing Blanket Gold Mine, which it acquired from Kinross Gold in 2016. Caledonia currently holds a 64 per cent interest in the project, with the remaining 36 per cent held by Zimbabwean shareholders.

Caledonia Mining completed its listing on the New York Stock Exchange in July 2017. At the time, the company’s CEO, Steve Curtis, said that the listing was another significant step for Caledonia.

Since then, the company’s share float has become increasingly dominant on the NYSE. As such, Caledonia believes that the financial and administrative costs required to maintain its listing on the TSX, in combination with limited trading volumes, are no longer justified.

The company currently has depositary interests representing shares on the AIM of the London Stock Exchange, which will remain following its de-listing from the TSX.

Established in 1995, the AIM is a sub-market of the London Stock Exchange, which replaced the previous Unlisted Securities Market that had been in operation since 1980. It offers small to medium-sized companies from a wide range of countries and industries access to investors and advisory services.

Upon approval from the TSX, Caledonia is expected to de-list its shares from the TSX at the closure of trading on June 19, 2020.

Caledonia Mining (CAL) is down 6.34 per cent and is trading at C$20.69 at 11:45am EDT.

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