Unigold Inc., which is looking for gold in the Dominican Republic and minerals in Saudi Arabia, has become the first North American company to be listed on the Dubai International Financial Exchange.
The Toronto-based firm said Monday it's also the fourth mining company to join the Mideast stock market.
Exploration in the Dominican Republic "is yielding exciting gold prospects and this is an appropriate time to raise our profile with investors in the DIFX's region," chief executive officer Ibrahim Eitani said in a release.
"We are also preparing to carry out activities in Saudi Arabia and elsewhere while seeking potential projects for merger/acquisition."
Unigold is exploring for gold on its 226-square-kilometre concession in the Dominican Republic and has a reconnaissance licence to explore for minerals anywhere in Saudi Arabia. The company is already listed on the TSX Venture Exchange in Toronto and its largest shareholder is the Saudi Arabian company Shairco for Trading, Industry & Contracting Co.
Per Larsson, CEO of the DIFX, said the listing "underlines the international appeal of the DIFX, which now has 12 equity listings from issuers in five continents."
The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and - subject to regulatory approval - derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian subcontinent.
The exchange was launched in September, 2005, and has 19 members, including ABN Amro, Arbuthnot Securities, Barclays Capital, Citigroup and Credit Suisse. Issuers on the DIFX include Albaraka Banking Group, Boulder Steel, Citigold Corp., Fortune Management, Gold Fields and Kingdom Hotel Investments.