Canadian based deep sea explorer Nautilus MineralsInc has announced admission of its common shares to trading onthe AIM market of London Stock Exchange plc will be cancelled with effect from on 8 March.
Shareholders underthe AIM listing will be giventhe option of transferring over tothe Toronto-listed Nautilus shares.
The reason cited for this by Nautilus is “The board considers thatthe costs incurred to maintainthe listing ofthe company'’s shares on AIM now exceed current and potential future benefitsthe company could obtain fromthe listing….The board looks forward tothe continued support of its shareholders through its TSX listing.”
Nautilus shares took a dive in Novermber afterthe Company put a halt to its Solwara 1 copper-gold project in offshore Papua New Guinea
Commencement of sea-floor production for Solwara 1 was previously expected in late 2013.