Terra Nostra Resources Corporation (TNRO.OB) announced that the company has agreed to undertake an initial public offering of their copper joint venture. Terra plants to list this company on the Main Board of Hong Kong Stock Exchange, targeting an initial $120,000,000 tender.
The anticipated date for listing on the Hong Kong Exchange is midyear 2008. Currently, the company is proceeding with the initial incorporation of Strategic Metals Ltd. (“Sino Metals”), a wholly owned subsidiary, to undertake this IPO.
“This is a unique opportunity to accelerate the Company’s growth on favorable terms and to seize opportunities available to us in the dynamic and growing China market,” stated Mr. Sun Liu James Po, the Company’s Chief Executive Officer.
Mr. James Po added, “With the higher earnings multiples generally found on the Hong Kong Exchange for mainland China investments, this listing is designed to unlock the value of our Copper joint venture operations. It is designed to provide Terra Nostra and its shareholders the benefit of a non-dilutive equity raise and a potential increase in shareholder value when the offering proceeds are invested directly to expand operations.”
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