Pieridae to be listed on Toronto Stock Exchange

Canada’s Pieridae Energy, the developer of the Goldboro LNG export project, said Monday that its shares have been approved for listing on the Toronto Stock Exchange.

The company’s shares are expected to start trading on the TSX at the opening of the market on June 3.

Concurrent with the TSX listing, Pieridae’s shares will be de-listed from the TSX Venture Exchange.

Pieridae’s trading symbol will remain “PEA”.

“This is a big step for our company, and we look forward to the benefits being part of the TSX provide”, Pieridae chief executive Alfred Sorensen said in a statement.

“The key here is that being a member of the TSX allows Pieridae to tell its story to a bigger investor audience, including the Canadian institutional investment community, which should improve liquidity in the stock”, he said.

Worth mentioning here, Alberta’s energy regulator has recently blocked a deal for the Foothills assets between Pieridae and Shell’s Canadian unit citing clean-up concerns.

The Foothills assets are seen as an anchor production for the Goldboro LNG project in Nova Scotia.

Pieridae announced in April this year it would postpone its decision on the LNG project due to the effects of the coronavirus pandemic.

The company also managed to renegotiate extensions of the key deadlines regarding the LNG project under its long-term deal with Germany’s Uniper.

Pieridae has a 20-year agreement with German utility Uniper for all of the volumes from the first Goldboro liquefaction train.

The Goldboro LNG facility will have two trains with a combined production capacity of 9.6 million tonnes per year.