{"id":166,"date":"2020-04-01T21:20:28","date_gmt":"2020-04-01T13:20:28","guid":{"rendered":"http:\/\/charltonsnaturalresources.com\/?page_id=166"},"modified":"2021-03-04T17:59:23","modified_gmt":"2021-03-04T09:59:23","slug":"pre-ipo-suitability","status":"publish","type":"page","link":"https:\/\/charltonsnaturalresources.com\/en\/listings\/pre-ipo-suitability\/","title":{"rendered":"Pre-IPO Submission on Suitability for Listing"},"content":{"rendered":"[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|desktop&#8221; admin_label=&#8221;ContentWrapper2&#8243; module_id=&#8221; &#8221; module_class=&#8221;content-wrapper2&#8243; _builder_version=&#8221;4.0.5&#8243; background_color=&#8221;#ffffff&#8221; custom_padding=&#8221;0px||0px|||&#8221; custom_padding_tablet=&#8221;50px|0|50px|0&#8243; custom_padding_phone=&#8221;&#8221; transparent_background=&#8221;off&#8221; padding_mobile=&#8221;off&#8221; make_fullwidth=&#8221;off&#8221; use_custom_width=&#8221;off&#8221; width_unit=&#8221;on&#8221;][et_pb_row column_structure=&#8221;2_3,1_3&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;1&#8243; _builder_version=&#8221;3.25.3&#8243; width=&#8221;100%&#8221; max_width=&#8221;100%&#8221; z_index_tablet=&#8221;500&#8243; box_shadow_horizontal_tablet=&#8221;0px&#8221; box_shadow_vertical_tablet=&#8221;0px&#8221; box_shadow_blur_tablet=&#8221;40px&#8221; box_shadow_spread_tablet=&#8221;0px&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;3.0.47&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Breadcrumbs&#8221; module_class=&#8221;breadcrumb-wrapper&#8221; _builder_version=&#8221;3.27.4&#8243;]<div class=\"breadcrumb\">\r\n<ul><li><a href=\"\/\">Home<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/listings\/' title='Listings'>Listings<\/a><\/li><li><span>Pre-IPO Submission on Suitability for Listing<\/span><\/li><\/ul>\r\n<\/div>\r\n[\/et_pb_text][et_pb_text admin_label=&#8221;Section Title&#8221; _builder_version=&#8221;4.4.3&#8243;]<h2 class=\"section-title\">Listings<\/h2>[\/et_pb_text][et_pb_text admin_label=&#8221;Content MenuBar2&#8243; _builder_version=&#8221;4.4.3&#8243;]<div class=\"content-menubar2\">\r\n<div class=\"page-menu-panel2\">\r\n<h3>Listings<\/h3>\r\n<span class=\"hamburger2\"><\/span>\r\n<\/div>\r\n<ul class=\"cm-parent\"><li class=\"page_item page-item-157\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/likely-cost\/\">Likely Cost of Submission<\/a><\/li>\n<li class=\"page_item page-item-158 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/\">Advising on Requirements for Listing<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-185\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/listing-key-requirements\/\">Key Requirements for Listing<\/a><\/li>\n\t<li class=\"page_item page-item-181\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/management-requirements\/\">Management Requirements for Mineral Companies<\/a><\/li>\n\t<li class=\"page_item page-item-182\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/reqirements-resources\/\">Requirements Relating To Resources and Reserves<\/a><\/li>\n\t<li class=\"page_item page-item-183\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/valuations\/\">Valuations<\/a><\/li>\n\t<li class=\"page_item page-item-184\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/requirements-control-assets\/\">Requirements Regarding Control Over Mining Assets<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-159\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/manage-process\/\">Managing the Process<\/a><\/li>\n<li class=\"page_item page-item-160\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/connected-transactions\/\">Connected Transactions<\/a><\/li>\n<li class=\"page_item page-item-161\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/management-requirements\/\">Management Requirements<\/a><\/li>\n<li class=\"page_item page-item-162\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/asset-spinoff\/\">Advising on Asset &#8220;Spin Offs&#8221;<\/a><\/li>\n<li class=\"page_item page-item-163\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/advising-directors\/\">Advising Directors<\/a><\/li>\n<li class=\"page_item page-item-164\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/disclosure\/\">Director&#8217;s and Shareholders&#8217; Disclosure Obligations<\/a><\/li>\n<li class=\"page_item page-item-165\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/advising-restructuring\/\">Advising on Restructuring and Holding Structures<\/a><\/li>\n<li class=\"page_item page-item-166\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/pre-ipo-suitability\/\">Pre-IPO Submission on Suitability for Listing<\/a><\/li>\n<li class=\"page_item page-item-167\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/publicity-requirements\/\">Publicity Requirements During Listing Process<\/a><\/li>\n<li class=\"page_item page-item-168 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/\">On-Going Announcement Requirements For Listed Companies<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-191\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/chapter-18\/\">Chapter 18 \u2013 On-going Announcements<\/a><\/li>\n\t<li class=\"page_item page-item-192\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/notifiable-connected-and-other-transactions\/\">Notifiable, Connected and Other Transactions<\/a><\/li>\n\t<li class=\"page_item page-item-193\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/company-matters-corporate-governance-and-directors-and-officers\/\">Company Matters, Corporate Governance and Directors and Officers<\/a><\/li>\n\t<li class=\"page_item page-item-194\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/shares\/\">Shares<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\r\n<\/div>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;Title&#8221; _builder_version=&#8221;4.4.2&#8243;]<h1 class=\"content-title\">Pre-IPO Submission on Suitability for Listing<\/h1>[\/et_pb_text][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.9.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<p>Charltons regularly prepares pre-IPO submissions to ascertain the view of the Hong Kong Stock Exchange (HKEX) on whether or not a mineral company is a suitable candidate for listing.<\/p>\r\n<p>Pre-IPO submissions are our preferred method for commencing the listing process, particularly in relation to mineral companies which have not yet reached production and will be seeking to take advantage of the waiver from certain financial resources thresholds for listing under the HKEX Listing Rules. Under HKEX Listing Rule 18.04, a mineral company that is unable to satisfy either the profit test in HKEX Listing Rule 8.05(1), the market capitalisation\/ revenue\/ cash flow test in HKEX Listing Rule 8.05(2), or the market capitalisation\/ revenue test in HKEX Listing Rule 8.05(3), may still apply to be listed if it can establish to the HKEX\u2019s satisfaction that its directors and senior managers, taken together, have sufficient experience relevant to the exploration and\/or extraction activity that the mineral company is pursuing. Individuals relied on must have a minimum of five years relevant industry experience and details of the relevant experience must be disclosed in the listing document. In its reply to the pre-submission, the HKEX is likely to give an initial opinion as to whether it is satisfied that the mineral company\u2019s directors and senior managers, taken together, have the required sufficient experience. If the HKEX expresses doubts as to whether the requirement is satisfied, the mineral company can proactively commence the process of recruiting additional personal to join its board and\/or senior management.<\/p>\r\n<p>Pre-submissions can also help establish whether or not the HKEX has any concerns about the applicant\u2019s \u201ccontrol\u201d over underlying mineral assets. Pursuant to HKEX Listing Rule 18.03, a mineral company must establish to the HKEX\u2019s satisfaction that it has the right to participate actively in the exploration and\/or extraction of natural resources either through control over a majority of the assets in which it has invested together with adequate rights over the exploration for and\/or extraction of natural resources, or through adequate rights (arising under arrangements acceptable to the HKEX) which give it sufficient influence in decisions over the exploration for and\/or extraction of the natural resources. As mineral assets are frequently located in jurisdictions where the relevant national mining legislation contains restrictions on control over the assets including restrictions on foreign ownership, with which the HKEX could not be expected to be familiar, it is essential to clearly describe to the HKEX the structure and local licensing regime under which the assets are held. Although not required at the pre-submission stage, a legal opinion from counsel in the jurisdiction(s) where the underlying assets are located should be included with the submission if available. Other documentation containing information on local mining laws or describing how the mining assets are held (or extracts thereof) can also be provided as part of the submission.<\/p>\r\n<p>In addition to the key issues relating to the required sufficient experience of the directors and senior managers and control over the underlying assets, a pre-submission can also be used to demonstrate to the HKEX:<\/p>\r\n<ul>\r\n<li>that the applicant\u2019s portfolio of indicated resources or contingent resources is identifiable under a recognised reporting standard acceptable to the HKEX (such as the JORC or SAMREC codes) and substantiated in a \u201cCompetent Person\u2019s Report\u201d, and that the portfolio is meaningful and of sufficient substance to justify a listing;<\/li>\r\n<li>that the mineral company has available working capital for 125% of the group\u2019s present requirements for at least the first 12 months after listing; and<\/li>\r\n<li>that if it has not yet begun production, its plans to proceed to production with indicative dates and costs.<\/li>\r\n<\/ul>\r\n<p>For both mineral companies and sponsors alike the HKEX\u2019s reply to an initial submission can be very helpful. Typically it will either state that the HKEX is satisfied that the applicant is suitable for listing or else request further clarifications or explanations of certain points. The HKEX is usually willing to meet applicants who have filed pre-submissions with them. This is an opportunity for the company to present their \u201cstory\u201d to the HKEX and for all parties to gain clarity on any outstanding matters or potential issues before proceeding to the listing process proper.<\/p>[\/et_pb_text][et_pb_text disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;SubM-Children&#8221; _builder_version=&#8221;4.4.3&#8243;]<div class=\"page-submenu\"> \r\n<ul><li class=\"page_item page-item-157\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/likely-cost\/\">Likely Cost of Submission<\/a><\/li>\n<li class=\"page_item page-item-158 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/\">Advising on Requirements for Listing<\/a><\/li>\n<li class=\"page_item page-item-159\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/manage-process\/\">Managing the Process<\/a><\/li>\n<li class=\"page_item page-item-160\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/connected-transactions\/\">Connected Transactions<\/a><\/li>\n<li class=\"page_item page-item-161\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/management-requirements\/\">Management Requirements<\/a><\/li>\n<li class=\"page_item page-item-162\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/asset-spinoff\/\">Advising on Asset &#8220;Spin Offs&#8221;<\/a><\/li>\n<li class=\"page_item page-item-163\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/advising-directors\/\">Advising Directors<\/a><\/li>\n<li class=\"page_item page-item-164\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/disclosure\/\">Director&#8217;s and Shareholders&#8217; Disclosure Obligations<\/a><\/li>\n<li class=\"page_item page-item-165\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/advising-restructuring\/\">Advising on Restructuring and Holding Structures<\/a><\/li>\n<li class=\"page_item page-item-166\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/pre-ipo-suitability\/\">Pre-IPO Submission on Suitability for Listing<\/a><\/li>\n<li class=\"page_item page-item-167\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/publicity-requirements\/\">Publicity Requirements During Listing Process<\/a><\/li>\n<li class=\"page_item page-item-168 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/\">On-Going Announcement Requirements For Listed Companies<\/a><\/li>\n<\/ul>\r\n<\/div> [\/et_pb_text][et_pb_text admin_label=&#8221;News Title&#8221; module_class=&#8221;content2-news-title&#8221; _builder_version=&#8221;4.4.3&#8243;]<h1 class=\"content-subtitle\">Read our latest News<\/h1>[\/et_pb_text][et_pb_blog fullwidth=&#8221;off&#8221; posts_number=&#8221;6&#8243; include_categories=&#8221;23&#8243; show_author=&#8221;off&#8221; show_categories=&#8221;off&#8221; show_excerpt=&#8221;off&#8221; show_pagination=&#8221;off&#8221; admin_label=&#8221;News Thumbs&#8221; module_class=&#8221;cu-blog&#8221; _builder_version=&#8221;4.4.2&#8243;][\/et_pb_blog][et_pb_text admin_label=&#8221;Click more news&#8221; _builder_version=&#8221;4.4.2&#8243;]<div class=\"bottom-click-more\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/news\/\">Click here to read more News<\/a><\/div>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;3.25.3&#8243; custom_padding=&#8221;|||||false&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_image src=&#8221;\/legal\/listing\/pre_ipo_submission_on_suitability.jpg&#8221; admin_label=&#8221;Side Hero&#8221; module_class=&#8221;side-hero-wrapper&#8221; _builder_version=&#8221;4.4.3&#8243;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]","protected":false},"excerpt":{"rendered":"<p><ul><li><a href=\"\/\">Home<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/listings\/' title='Listings'>Listings<\/a><\/li><li><span>Pre-IPO Submission on Suitability for Listing<\/span><\/li><\/ul> Listings Listings <ul class=\"cm-parent\"><li class=\"page_item page-item-157\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/likely-cost\/\">Likely Cost of Submission<\/a><\/li>\n<li class=\"page_item page-item-158 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/\">Advising on Requirements for Listing<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-185\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/listing-key-requirements\/\">Key Requirements for Listing<\/a><\/li>\n\t<li class=\"page_item page-item-181\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/management-requirements\/\">Management Requirements for Mineral Companies<\/a><\/li>\n\t<li class=\"page_item page-item-182\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/reqirements-resources\/\">Requirements Relating To Resources and Reserves<\/a><\/li>\n\t<li class=\"page_item page-item-183\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/valuations\/\">Valuations<\/a><\/li>\n\t<li class=\"page_item page-item-184\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/exchange-prerequisites\/requirements-control-assets\/\">Requirements Regarding Control Over Mining Assets<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-159\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/manage-process\/\">Managing the Process<\/a><\/li>\n<li class=\"page_item page-item-160\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/connected-transactions\/\">Connected Transactions<\/a><\/li>\n<li class=\"page_item page-item-161\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/management-requirements\/\">Management Requirements<\/a><\/li>\n<li class=\"page_item page-item-162\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/asset-spinoff\/\">Advising on Asset &#8220;Spin Offs&#8221;<\/a><\/li>\n<li class=\"page_item page-item-163\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/advising-directors\/\">Advising Directors<\/a><\/li>\n<li class=\"page_item page-item-164\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/disclosure\/\">Director&#8217;s and Shareholders&#8217; Disclosure Obligations<\/a><\/li>\n<li class=\"page_item page-item-165\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/advising-restructuring\/\">Advising on Restructuring and Holding Structures<\/a><\/li>\n<li class=\"page_item page-item-166\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/pre-ipo-suitability\/\">Pre-IPO Submission on Suitability for Listing<\/a><\/li>\n<li class=\"page_item page-item-167\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/publicity-requirements\/\">Publicity Requirements During Listing Process<\/a><\/li>\n<li class=\"page_item page-item-168 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/\">On-Going Announcement Requirements For Listed Companies<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-191\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/chapter-18\/\">Chapter 18 \u2013 On-going Announcements<\/a><\/li>\n\t<li class=\"page_item page-item-192\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/notifiable-connected-and-other-transactions\/\">Notifiable, Connected and Other Transactions<\/a><\/li>\n\t<li class=\"page_item page-item-193\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/company-matters-corporate-governance-and-directors-and-officers\/\">Company Matters, Corporate Governance and Directors and Officers<\/a><\/li>\n\t<li class=\"page_item page-item-194\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/listings\/ongoing-announcements\/shares\/\">Shares<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul> Pre-IPO Submission on Suitability for ListingCharltons regularly prepares pre-IPO submissions to ascertain the view of the Hong Kong Stock Exchange (HKEX) on whether or not a mineral company is a suitable candidate for listing. Pre-IPO submissions are our preferred method for commencing the listing process, particularly in relation to mineral companies which have not yet [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":155,"menu_order":9,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:paragraph -->\r\n<p>Charltons regularly prepares pre-IPO submissions to ascertain the view of the Hong Kong Stock Exchange (\u201cExchange\u201d) on whether or not a mineral company is a suitable candidate for listing.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Pre-IPO submissions are our preferred method for commencing the listing process, particularly in relation to mineral companies which have not yet reached production and will be seeking to take advantage of the waiver from certain financial resources thresholds for listing under the Exchange Listing Rules. Under <a target=\"_blank\" href=\"https:\/\/charltonsnaturalresources.com\/images\/stories\/Documents\/CHARLTONS_Listing_Rule.pdf\" rel=\"noreferrer noopener\">Listing Rule 18.04<\/a>, a mineral company that is unable to satisfy either the profit test in Listing Rule 8.05(1), the market capitalisation\/ revenue\/ cash flow test in Listing Rule 8.05(2), or the market capitalisation\/ revenue test in Listing Rule 8.05(3), may still apply to be listed if it can establish to the Exchange's satisfaction that its directors and senior managers, taken together, have sufficient experience relevant to the exploration and\/or extraction activity that the mineral company is pursuing. Individuals relied on must have a minimum of five years relevant industry experience. In its reply to the pre-submission, the Exchange is likely to give an initial opinion as to whether it is satisfied that the mineral company\u2019s directors and senior managers, taken together, have the required sufficient experience.\u00a0 If the Exchange expresses doubts as to whether the requirement is satisfied, the Company can proactively commence the process of recruiting additional personal to join its board and\/or senior management.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Pre-submissions can also help establish whether or not the Exchange has any concerns about the applicant\u2019s \u201ccontrol\u201d over underlying mineral assets. Pursuant to Listing Rule 18.03, a mineral company must establish to the Exchange\u2019s satisfaction that it has the right to participate actively in the exploration and\/or extraction of natural resources either through control over a majority of the assets in which it has invested together with adequate rights over the exploration for and\/or extraction of natural resources, or through adequate rights which give it sufficient influence in decisions over the exploration for and\/or extraction of the natural resources. As mineral assets are frequently located in jurisdictions where the relevant national mining legislation contains restrictions on control over the assets including restrictions on foreign ownership, with which the Exchange could not be expected to be familiar, it is essential to clearly describe to the Exchange the structure and local licensing regime under which the assets are held. Although not required at the pre-submission stage, a legal opinion from counsel in the jurisdiction(s) where the underlying assets are located should be included with the submission if available. Other documentation containing information on local mining laws or describing how the mining assets are held (or extracts thereof ) can also be provided as part of the submission.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>In addition to the key issues relating to the required sufficient experience of the directors and senior managers and control over the underlying assets, a pre-submission can also be used to demonstrate to the Exchange:<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:list -->\r\n<ul><li>That the applicant\u2019s portfolio of indicated resources or contingent resources is identifiable under a recognised reporting standard acceptable to the Exchange (such as the JORC or SAMREC codes) and substantiated in a \u201cCompetent Person\u2019s Report\u201d, and that the portfolio is meaningful and of sufficient substance to justify a listing;<\/li><li>That the mineral company has available working capital for 125% of the group\u2019s present requirements for at least the first 12 months after listing; and<\/li><li>That if it has not yet begun production, its plans to proceed to production with indicative dates and costs.<\/li><\/ul>\r\n<!-- \/wp:list -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>For both mineral companies and sponsors alike the Exchange\u2019s reply to an initial submission can be very helpful. Typically it will either state that the Exchange is satisfied that the applicant is suitable for listing or else request further clarifications or explanations of certain points.\u00a0 The Exchange is usually willing to meet applicants who have filed pre-submissions with them. This is an opportunity for the company to present their \u201cstory\u201d to the Exchange and for all parties to gain clarity on any outstanding matters or potential issues before proceeding to the listing process proper<\/p>\r\n<!-- \/wp:paragraph -->","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[29],"class_list":["post-166","page","type-page","status-publish","hentry","category-listings","cat-29-id"],"_links":{"self":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/comments?post=166"}],"version-history":[{"count":12,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/166\/revisions"}],"predecessor-version":[{"id":233020,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/166\/revisions\/233020"}],"up":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/155"}],"wp:attachment":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/media?parent=166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/categories?post=166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}