17 May 2022 09:11

Mangazeya Mining to delist from Toronto exchange

MOSCOW. May 17 (Interfax) - Mangazeya Group, which is controlled by Russian businessman Sergei Yanchukov, has decided to delist the securities of its subsidiary Mangazeya Mining from a Canadian exchange and carry out a compulsory redemption of shares held by minority shareholders.

The decision was made taking into account the current geopolitical situation in the world, Mangazeya said.

The gold miner's shares have been valued at CAD0.045 each for the purposes of the redemption, which corresponds to their average monthly price in March-April 2022.

Mangazeya Group entities already own more than 90% of Mangazeya Mining, so about CAD5.8 million ($4.5 million) could be spent on the redemption of minority shareholders' shares.

Mangazeya Mining is listed on the NEX Board in Toronto, but its mining operations are located in Russia's Transbaikal Territory.