Mindoro Resources (TSX-V: MIO; ASX: MDO; FSX: WKN 906167) said that it will begin trading on the Australian Securities Exchange today, under the symbol "MDO".
“Mindoro’s entrance into the Australian market is a positive step forward in the company’s plans to transition from explorer to producer," said president and CEO Jon Dugdale.
"Australia’s proximity to the Philippines and appetite for resource-based investments will compliment Mindoro’s well-established shareholder bases in Canada and Europe.”
Late last month, the company raised A$8.0 million in Australia from the sale of 40 million CHESS Depository Interests (CDIs) at a price of A$0.20 each (approximately C$0.20). Mindoro has now received final approval from the ASX to list the CDIs, which are equivalent to and exchangeable for common shares of the company on a one-to-one basis.
In addition to the A$8 million, the company managed to gain another C$2.0 million through the sale of 10 million shares to the IFC, a member of the World Bank Group.
Mindoro said it will use the new funds to advance pre-feasibility and feasibility studies for an integrated nickel processing operation at its Agata project in the Philippines, which hosts an NI 43-101 compliant resource totaling Measured and Indicated 32.6 million dry metric tonnes (DMT) at 1.04% Nickel and 0.05% Cobalt, and Inferred 1.68 million DMT at 1.04% Nickel, 0.04% Cobalt.
The proceeds will also be used to continue regional drilling in an effort to expand its nickel laterite resource, as well as to advance its gold and copper-gold projects in the Philippines.