Canadian small-cap miner Strongbow has announced that it intends to float on the AIM market in June of this year. The company will also maintain its Toronto listing in the immediate future.
The decision was driven by the changing state of the tin market and the possibility that the South Crofty site in Cornwall, which Strongbow holds the rights to, could become an operating mine again having ceased production in 1998. Prices for the metal have risen by 60% since 2016 and sit at roughly $21,000 a tonne.
The company will be looking to raise around £25 million in funds to develop the site over the next 18 months. Production permits are already in place and infrastructure and transport links are well developed.
CEO Richard Williams said that, “Strongbow has achieved a great deal since acquiring the South Crofty project in July 2016, and its planned admission to AIM, which is the next step in the Company’s strategy, is a very exciting development. The Company continues to advance South Crofty to a production decision, with a plan to re-commence production in 2021.”