Proactive Investors - Amaroq Minerals Ltd (TSXV:AMRQ) has said that it expects the transfer of its Iceland listing from the Nasdaq First North Growth Market to the Nasdaq Main Market to take place in the third week of September 2023.
Updating investors on the move, the mine development company said in a statement that the exact date will be agreed with Nasdaq Iceland later. Trade in its shares on London’s AIM and the TSX-V will remain unaffected, it added.
The company said a Main Market listing has the potential to make it eligible for future inclusion in a number of Icelandic and international stock market indices, including the OMX Iceland All-Share index immediately upon uplisting and the FTSE Global Total Cap and Global Micro Cap indices from June 2024, subject to meeting certain inclusion criteria including in relation to trading volumes.
Additionally, it noted that there is a strong precedent of Icelandic institutional investors — such as pension funds managing around US$53 billion in assets — increasing their ownership of companies as a result of the move from First North to the Main Market.
"Moving our shares to Iceland's Main Market will place Amaroq in a very favourable position,” CEO Eldur Olafsson said in a statement.
“Since listing on First North last year, we have benefitted from strong demand from the Icelandic market and believe the Main Market listing will further enhance this.”
Amaroq said it has submitted a draft prospectus to the Financial Supervisory Authority of the Central Bank of Iceland (FSA) and, subject to the board of directors' approval, plans to proceed with the formal request for admission.
It noted that the final application for admission is subject to FSA approval of the prospectus and all Nasdaq Main Market requirements being satisfied. It will not issue new share capital alongside the transfer to the Main Market.