ZSE suspends trade in Falgold shares

Harare, (New Ziana) –The Zimbabwe Stock Exchange on Monday suspended trade in Falcon Gold (Falgold) shares pending the de-listing of the firm.

Suspension of the struggling gold producer, which is facing a cocktail of operational challenges, follows delays in the publication of its annual results for the year ended September 30, 2019.

“The Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies the investing public of the voluntary suspension from trading in shares of Falcon Gold Zimbabwe Limited with effect from 02 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,” said ZSE chief executive Justin Bgoni.

Bgoni said Falgold would be expected to keep following its obligations by updating shareholders regarding developments in the company as expected of a listed firm until its de-listing had been finalised.

Last year, the firm requested another voluntary suspension, which lasted seven months after failing to publish its financials on time.

Firms listed on the ZSE are required to publish half-year and full year financial statements and constantly update shareholders on any activities or developments that might affect the share price.

Failure to do so results in suspension.

In earlier communication, the ZSE said Falgold had indicated intention to delist arguing that it was was struggling to mobilise capital to inject into its operations.

The firm had in the past few months indicated intentions to undertake a capital raising initiative which has to date not be implemented.

Founded in 1991, Falgold primarily explores for gold, base metals and precious metals and has an operational processing plant and ancillary infrastructure which supports a central processing plant that treats ore from its Pickstone Mine.

The firm is a subsidiary of Canadian based New Dawn Mining Group.
New Ziana