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Highlights
- For the initial public offering, Mineros SA has filed documents with regulatory authorities in every Canadian province, excluding Quebec.
- The mining firm is looking to debut on the TSX.
- Scotiabank and Sprott Capital Partners LP are set to be taking the underwriting responsibility for Mineros’ IPO.
Mineros SA, which explores gold and other precious metals, is planning to go public in Canada. The Colombian company has filed documents with regulatory authorities in every Canadian province, excluding Quebec.
Mineros hopes to raise US$ 25 million in gross proceeds from the offering and the price range of quantity of shares to be offered has not been determined yet.
According to reports, Scotiabank and Sprott Capital Partners LP will be taking the underwriting responsibility for its public debut. The firm is likely to extend an over-allotment option for a month after its IPO closes.
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Law firms Gowling WLG and DLA Piper Martinez Beltran are set to be Mineros' representatives. Meanwhile, Fasken Martineau DuMoulin LLP will be the legal counsel to underwriters.
All you need to know about Mineros and its upcoming IPO
While announcing the decision to go public in Canada, Andrés Restrepo Isaza, President and CEO of the company said that Mineros had established itself as a successful gold mining company with a history of delivering strong dividends to the investors on the Colombian Stock Exchange.
Mineros is looking to debut on the Toronto Stock Exchange (TSX).
As per the TSX policies, individual and majority voting is required to get listed on the stock exchange.
As there is no assurance that the TSX will list the shares of the mining company, interested investors will have to wait for the final approval.
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Bottom line
The Colombian mining company is planning for an initial public offering in Canada as it could use the money raised in gross proceeds to repay the debts caused by the loan. Mineros had taken a loan to complete the acquisition of Hemco, a mineral exploration company.
