Environmental management firm plans London listing
LONDON - Virotec , an Australian company that treats toxic waste with "green" technology, said yesterday it intends to list on Londons Alternative Investment Market (AIM) in July.
The company, already listed in Australia, intends to raise around three million pounds in a placing and have a market capitalisation of around 19 million pounds.
The proceeds of the listing will fund the continuing commercialisation of its technology, Bauxhol, which simultaneously neutralises acid and extracts heavy metals from contaminated water and soils.
Virotec, which was originally established in 1969 as a mining company and changed its business to environmental management and remediation in 1999, said its technology had been proven effective in cleaning highly toxic mine water in a commercial situation in Australia.
Virotec said it believed a significant, worldwide market existed for its technology. Target markets included the mining industry, sewerage treatment plants, tanneries and agriculture.
"The AIM listing will give us a strong platform to expand the company in Europe and the U.S.," executive chairman Brian Sheeran said in a statement.
"Virotec offers its shareholders ground floor entry to what may be the next global investment revolution."
REUTERS NEWS SERVICE
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