Richmond Hill Resources PLC on Wednesday said it has completed the transfer of its shares to London’s AIM from the Aquis Exchange, raising £1.5 million in gross proceeds.
The switch comes amid the firm’s £3.3 million reverse takeover of Bulawayo Ventures CC Ltd, a Canadian mining company and owner of the Saint-Sophie project in Quebec province.
Richmond Hill, formerly Rogue Baron PLC, is a London-based holding company and investee of natural resource sector investor Gunsynd PLC, which held a 3.43% stake as of June 30.
Richmond Hill shares were last quoted at 1.15 pence on Aquis, prior to the listing change. Gunsynd, also an AIM listing, were down 5.2% to 0.14p Wednesday morning.
Upon admission to AIM on Wednesday, Richmond Hill had a market capitalisation of about £5.9 million, with the £1.5 million fundraise carried out through a retail offer and a placing priced at 1p per share.
The proceeds will fund further exploration at the Saint-Sophie project, Richmond Hill said.
Early September, the company shared plans to change its trading venue to AIM from Aquis Growth, based on recent improvements in the natural resource investing sector, and in copper specifically.
The long-stop date was postponed to Wednesday from June 30 due to administrative delays in Canada.
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