Borneo Resource Investments proposes dual listing
Friday, March 13 2015 - 07:40 AM WIB
US firm Borneo Resource Investments Ltd., which mines gold in Ratatotok, Minahasa Tenggara regency, North Sulawesi, announced on Thursday that it has entered a preliminary agreement, under which it will be pursuing a dual listing of its stock on the GEM Board of the Hong Kong Stock Exchange.
The firm is at present listed on New York?s OTC Markets.
Under the preliminary agreement, the company's Hong Kong based financial advisor, Yuan Asset Management, a registered financial advisor pursuant to the Hong Kong Securities & Futures Commission, has proposed a public offering in Hong Kong, of shares of Borneo Resource Investments Ltd. or one of its subsidiaries involved in its Indonesian gold operations. The preliminary agreement provides that the financial advisor will arrange for the services of a suitable sponsor for the Hong Kong offering as well as underwriter(s) for the offering.
In announcing the proposed restructuring, CEO Nils Ollquist commented, "In recent months, management has been intensely focused on both fine tuning our operational structure and developing additional processing capacity at our recently acquired site in Ratatotok. Our first large capacity (10,000 ton) pad will be operational in March and construction of a 2nd pad will be underway by the end of the month. Now that our enhanced operations will be contributing additional revenues, we are committed to maximizing benefits to our shareholders from these efforts."
CEO Nils Ollquist continued, "We believe that tapping into the inherent demand in China for resource investments, particularly precious metals, is a logical way to both secure additional growth financing and create an enhanced value platform for our shareholders. The preliminary agreement we have just entered effectively clears the path to a dual listing for our shares to take advantage of opportunities in both the US and Asian markets."
Editing by Johannes Simbolon