Dougherty Quinn advises on first Isle of Man company listing on TSX
DQ was engaged as lead Isle of Man counsel to Geodrill in relation to its listing. Geodrill is the first Isle of Man Company ever to list on TSX. Geodrill is administered in the Isle of Man by City Trust, whose managing director John Bingham has been appointed Chairman of the newly listed company. John has been invited by the Stock Exchange to attend the Geodrill “bell ringing” in Toronto in March 2011.
In the process of the listing, DQ (led by director Mark Dougherty) together with Cassels Brock a leading Canadian law firm worked with TSX to confirm the Isle of Man as an approved jurisdiction for the purposes of the listing of its companies on that exchange.
Furthermore, DQ obtained Isle of Man legislative approval of the CDSX electronic trading system used for trading on TSX. The Isle of Man Government Treasury Department facilitated this change with a commercial “can-do” attitude which is typical of the Government’s desire to promote and encourage quality international business on the Isle of Man.
Geodrill is a leading West African based drilling company currently operating in Ghana and Burkina Faso. Geodrill specialises in providing exploration and development drilling services to major, intermediate, and junior mining companies with exploration and development operations in West Africa.
TSX is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. It is the number one market in the world for mining companies, with 55% of the world’s public mining companies listed on TSX or TSX Venture with a traded value for the mining sector of CAD$343bn approx for the year to 31 October 2010.
The shares are currently trading well above their original offer price.
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