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The firm seeks to raise US$5 million through an Initial Public Offering on the ZSE to become a dually listed firm fully fungible in Zimbabwe and Canada.

Chairman Mr Allan Dolan had targeted the listing on or about March 21. But after a month-and-a-half down the line, the firm is still pursuing the ZSE listing.

“This transaction is scheduled to close on or about March 21, as stated in a Press release issued in February,” said Mr Dolan earlier.

Sources said the firm now expects to complete the listing later this year and would soon be submitting to Government an amended indigenisation plan.

Whetstone was initially scheduled to list on the ZSE by the end of December last year, but ran into trouble after the Government rejected its indigenisation plan.
In terms of the Indigenisation and Economic Empowerment Act, foreign firms with a net asset value above US$500 000 should sell at least a 51 percent stake to locals.

“We are in the process of submitting an amended indigenisation plan. Once our indigenisation plans are approved, we will be able to complete the listing.

“The idea is to enable Zimbabwean investors to participate in the firm. Any serious mining firm should bring in indigenous people,” said the source.

Youth Development, Indigenisation and Economic Empowerment Minister Saviour Kasukuwere last year expressed concern at some of the firm’s indigenisation plans, saying they fell short of the requirements of the law.

Concerns also bordered on the firm’s initial plans to transfer a significant proportion of IPO funds to Canada and the price at which the firm was bought.

Earlier, Whetstone said it was “in full compliance with the Indigenisation Act and has received legal opinion to this effect from its legal counsel, Atherstone and Cook”.

ZSE chief executive Mr Emmanuel Munyukwi had fully supported the country’s first mineral exploration listing in 53 years. He said new mines provided a base for growth upon which the recovering economy depended.

Whetstone acquired over 611 gold claims after it acquired Bembesi Gold Fields, which is made up of Durban, Surnace and Charliesona from Duration Gold.

The firm said a number of additional projects had been identified for acquisition 12 months after the Canadian resource firm had listed on ZSE.

This is meant to build a mass of proximate projects with the aim of creating medium modern mines and a basis                  for matching finance at increasing values.

Whetstone would become the fifth resource firm quoted on the ZSE after Bindura Nickel Corporation, Hwange Colliery, RioZim and Falcon Gold.