PKF supports re-domicile and admission to AIM
Cornish Metals plc is a recently-incorporated company established to become the new holding company of Cornish Metals Inc (“CMI”) and its subsidiaries by means of a court-approved plan of arrangement in Canada. CMI is a Canadian incorporated company whose shares were previously admitted to trading on AIM and the TSX-V.
CMI has undertaken a restructuring to ‘re-domicile’ the group from Canada to the UK pursuant to the plan of arrangement (“the Arrangement”). The Arrangement is a court-approved process in Canada, which, has resulted in the existing shareholders of CMI transferring the entire issued share capital of CMI to the Company.
The shares of CMI ceased to be admitted to trading on AIM and on the TSXV on 15 and 16 December, respectively. The Company’s shares were admitted to AIM on 18 December following the approval of the Arrangement.
CMI is a mineral exploration and development company working towards re-opening its 100% owned South Crofty underground tin mine located in Cornwall. South Crofty has an active mine permit valid to 2071, planning permission to construct a new processing plant and an environmental permit to dewater the mine.
“The re-domiciliation to the UK and admission to AIM marks a significant step for Cornish Metals as we strengthen our UK presence and progress South Crofty towards production. We greatly appreciate the expertise, flexibility and commitment shown by Adam Humphreys, John Paolo Dula and the rest of the PKF team throughout the re-domiciliation and admission process, and we look forward to continuing our work together as we execute our strategy.”
Matthew Hird, Chief Financial Officer, Cornish Metals plc
PKF acted as reporting accountant on the transaction and the Capital Markets team included Adam Humphreys, John Paolo Dula and Kiran Gukhool.
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