- Province to apply to undertake a Re-Compliance Listing on Completion of Pre-Feasibility Study for the HyEnergy® Project
Following preliminary discussions with ASX, the Board of Province Resources Ltd (ASX: PRL) (Province or Company) has decided to place Province’s shares into suspension while it completes the pre-feasibility study (PFS) for the HyEnergy® Project, at which point it will apply to ASX to undertake a re-compliance listing.
Province has, in conjunction with ASX, formed the view that the HyEnergy® Project is now its main undertaking. As a result, in order to continue advancing the HyEnergy® Project, which would constitute a change in the nature and scale of Province’s activities, Province must seek to re-comply with new listing requirements set out in Chapters 1 and 2 of the Listing Rules.
As previously announced on 7 March 2023, Province has appointed global professional services firm GHD to undertake the downstream PFS and are in the process of awarding the upstream PFS study, both of which are anticipated to be completed in July 2023. During this time, Province also intends to make a formal inprinciple submission to ASX to undertake a re-compliance listing with the HyEnergy® Project as its main undertaking.
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Until such time that the above steps are completed, Province’s shares are to be placed into suspension in accordance with Listing Rule 17.2.
