Strongbow announces intention to float on the AIM market
Strongbow Exploration Inc have announced its intention to apply for admission of its common shares to trade on the AIM Market of the London Stock Exchange.
The company expects that admission will become effective in June 2018. The Company’s Common Shares will continue to list, in the immediate future, on the TSX-V in Canada.
In July 2016, Strongbow acquired the rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall, United Kingdom.
South Crofty has production records dating back to 1592 and was the last tin mine to close in the UK, in 1998. Since then, the dynamics of the global tin industry have changed substantially and South Crofty has the potential to become an operating mine once again.
The development of South Crofty is Strongbow’s primary focus and the project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision.
Richard Williams, Strongbow CEO, stated: “Strongbow has achieved a great deal since acquiring the South Crofty project in July 2016, and its planned admission to AIM, which is the next step in the Company’s strategy, is a very exciting development. The Company continues to advance South Crofty to a production decision, with a plan to re-commence production in 2021. The project has all necessary permits in place, and, as a former producing mine, offers great potential at a relatively low risk. The global demand for tin, especially in consumer electronics, combined with current tin price forecasts, underpins Strongbow’s strategy.
“I would like to take this opportunity to thank our existing shareholders for providing us with the support to reach this milestone.”