NYSE-listed Caledonia Mining Corporation is pursuing a listing on the newly established Victoria Falls Stock Exchange (VFSE), in Zimbabwe.
Such a listing is conditional on market conditions and the implementation of positive proposals made by Zimbabwean authorities in respect of improved payments in US dollars for gold produced at the company’s Blanket gold mine in the country.
The VFEX was established as a subsidiary of the Zimbabwe Stock Exchange in 2020, with the aim of kick-starting an offshore financial services centre that has been earmarked for the special economic zone establishment at Victoria Falls.
The VFEX is open to foreign and domestic investors, and all transactions will be denominated in US dollars.
Caledonia says the VFEX listing will allow the company’s shareholders and Blanket’s employees to participate more easily in the company’s stock.
The miner expects the listing to take place before the end of the year and will entail the placing of depositary receipts to raise about $3-million.
The proceeds of the placing will be used for general corporate purposes.