Danakali (ASX:DNK) said it plans to list its shares on the National Stock Exchange of Australia (NSX) and delist from the Australian Securities Exchange (ASX), according to a Tuesday filing with the ASX.
The decision follows an extended period of suspension on the ASX after the sale of the company's interest in the Colluli Potash Project at Eritrea in East Africa, the filing said.
It also takes into account the ASX listing rule that requires companies to spend at least half of their cash reserves on their business objectives within two years to stay listed.
"There was no case for committing more than AU$15 million to exploration over the next two years, as required under the ASX Listing Rules, when the funding requirement for the projects we are contemplating is far lower," Chairman Seamus Cornelius said. "It would have been an imprudent use of shareholders' funds. We concluded that transition to the NSX was in our best interests."
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