Chronicle Editor
Oliver Kazunga, Senior Business Reporter
STRUGGLING gold mining concern, Falcon Gold Zimbabwe Limited (Falgold), has again been suspended from the Zimbabwe Stock Exchange after it failed to publish its financial results for the year ended September 30, 2019.
In February last year, Falgold was suspended by the local bourse after it failed to publish its audited financial results for the year ended September 30, 2018.
The suspension was lifted seven months later after the gold miner fulfilled the listing requirements. ZSE chief executive officer Mr Justin Bgoni said yesterday in a statement that Falgold had been ‘voluntarily’ suspended from trading its shares on the local bourse pending publication of financial results.
“The ZSE hereby notifies the investing public of the voluntary suspension from trading in shares of Falcon Gold Zimbabwe Limited with effect from 2 March 2020 pending publication of audited financial results for the year ended 30 September 2019 and a circular to shareholders regarding the proposed termination of listing,” he said.
Mr Bgoni said at the company’s request, the ZSE sought and was granted permission to suspend trading in Falgold’s shares by the Securities and Exchange Commission of Zimbabwe.
This was in pursuant to the provisions of Section 64 (1) (a) (ii) of the Securities and Exchange Act [Chapter 24:25].
“In terms of Section 9 of the ZSE Listings Requirements, the company should continue to discharge its obligations to the shareholders and the ZSE during the suspension until finalisation of the termination of listing,” he said.
Falgold is 84,7 percent owned by Canadian-listed New Dawn. The mining firm, which was founded in 1991 primarily focuses on exploring for gold, base metals and has an operational processing plant and ancillary infrastructure that supports a central processing plant, which treats ore from Pickstone Mine.
Recently, Falgold issued a cautionary statement advising that it was still contemplating a capital raise initiative, which if concluded may have a direct impact on the price of its shares. Last August, Falgold announced that it was seeking US$2,5 million to recapitalise operations. — @okazunga
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