CNMC Goldmine puts in application for dual listing in Hong Kong

SINGAPORE - Catalist-listed CNMC Goldmine Holdings has submitted an application to the Stock Exchange of Hong Kong (SEHK) for a dual primary listing on its mainboard, the Malaysia-based gold miner said on Tuesday morning (July 10) in a Singapore Exchange filing.

It has appointed Alliance Capital Partners as its sole sponsor for the dual listing, and the proposed dual listing and offer of new shares will be subject to conditions such as approval from SEHK and from its shareholders and the SGX-ST.

The application proof of the prospectus will be uploaded on the website of the SEHK.

In its announcement on Tuesday morning, CNMC Goldmine also provided some updated financials.

An updated mineral resources and ore estimate as at May 31, 2018 has been issued by the company's independent resources and reserves estimation consultant, Optiro Pty Ltd.

It also said that the Sokor Gold Project has produced fine gold (gold bars that are refined to the purity of above 99.95 per cent) of 7,187 ounces for the second quarter ended June 30 this year. This brings the total fine gold produced to 11,707 ounces for first half ended June 30, 2018, up 87.36 per cent and 55.99 per cent as compared ot the fine gold produced of 3,836 ounces and 7,505 ounces for the previous corresponding quarter and half year respectively.

Net assets as at May 31 this year decreased by 5.5 per cent or US$2.64 million from the quarter ended March 31, mainly attributable to the decrease in cash and cash equivalents of US$3.80 million from its distribution of final dividends to shareholders in May 2018, offset partially by an increase in inventory of US$1.40 million.

CNMC Goldmaine said that the success of its proposed dual listing is dependent on prevailing market conditions and even after all relevant approvals have been obtained, it may still decide not to proceed with the listing and offer of new shares, if it deems it is not in the best interest of the company to proceed.

Shares in CNMC Goldmine closed on Monday at $0.265.