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An Australian cobalt company backed by mining financier Robert Friedland is considering a listing on the Toronto Stock Exchange, sources familiar with the matter said, as demand for the battery-making metal soars amid supply shortages.
The company, called Clean TeQ Holdings Ltd., is already public in Australia and has seen its stock hit a record high thanks in part to a spike in cobalt prices this year.
Clean TeQ is talking to investment banks Macquarie Capital Markets Canada Ltd. and BMO Nesbitt Burns Inc. about a number of options, including raising additional funds through a Canadian offering, or a straight listing on the TSX, without raising new money right away, sources said.
The company, which is co-chaired by Mr. Friedland, has yet to decide on which option it may pursue, or whether a transaction proceeds at all, according to the sources, who spoke to The Globe and Mail on the condition of anonymity because the information is not yet public.
A spokesperson with Clean TeQ told The Globe that it has a policy of not responding to market speculation. Macquarie declined to comment. BMO did not immediately respond to a request for comment.
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