SEMAFO Inc. Listing on NASDAQ OMX Stockholm
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SEMAFO Inc. Listing on NASDAQ OMX Stockholm September 2011 KEY INFORMATION Estimated first day of trading on NASDAQ OMX Stockholm: October 20, 2011 Short name on NASDAQ OMX Stockholm and on the TSX: SMF ISIN-code for the Shares intended to be listed on NASDAQ OMX Stockholm: CA8169221089 ISIN-code for the Shares on the TSX: CA8169221089 Trading lot on NASDAQ OMX Stockholm: 1 share FINANCIAL CALENDAR Q3 Interim report for the interim period ended September 30, 2011 On or about November 9, 2011 Financial statement for the year ended December 31, 2011 On or about March 14, 2012 IMPORTANT INFORMATION This prospectus has been prepared in conjunction with the contemplated secondary listing (the “Listing”) of common shares of SEMAFO Inc. (the “Shares”) on NASDAQ OMX Stockholm AB (“NASDAQ OMX Stockholm”). Immediately prior to the Listing, there was no public market for the Shares in Sweden. ”We”, “us”, “our”, the “Corporation” or “SEMAFO” means SEMAFO Inc. (Québec corporation number 1140137978) and/or one or more of all of its subsidiaries, as it may apply. Reference to “EPB” refers to Erik Penser Bankaktiebolag. In connection with the Listing, EPB is acting as financial advisor to the Corpora- tion. EPB may also, in connection with the listing, act as market maker as further described in this prospectus and, in its own name, offer a limited amount of Shares for sale in the Swedish market (which offer will not be subject to any prospectus requirements). Reference to “TSX” refers to the Toronto Stock Exchange. All dollar amounts in this prospectus are expressed in United States dollars (“USD”), except where otherwise indicated. Reference to “CAD” refers to Canadian dollars. Reference to “SEK” refers to Swedish kronor. Reference to “EUR” refers to Euro. Reference to “GNF” refers to Guinean franc. This prospectus has been prepared in compliance with the standards and requirements of the Swedish Financial Instruments Trading Act (Sw. lagen (1991:980) om handel med finansiella instrument) (the “Trading Act”), implementing the Prospectus Directive 2003/71/EC and the Commission Regulation (EC) No. 809/2004. The prospectus has been approved and registered by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) (the “SFSA”) pursuant to the provisions of Chapter 2, Sections 25 and 26 of the Trading Act. Approval and registration by SFSA do not imply that SFSA guarantees that the factual information provided in this prospectus is correct and complete. This prospectus does not constitute an offer to sell, nor a solicitation of an offer to buy, any Shares in any jurisdiction. This prospectus is exempt from requirements of being prepared in Swedish and has been prepared only in conjunction with an applica- tion for admission to trading of the Shares on NASDAQ OMX Stockholm. The distribution of this prospectus is restricted by law. The prospectus may not be distributed in any jurisdiction where the distribution of this document requires additional prospectuses, registrations or measures, other than those pursuant to Swedish law, or would conflict with regulations in such jurisdiction. No action has been taken, or will be taken, by the Corporation to permit any public offering of the Shares in any jurisdiction in connection with the Listing. Those persons into whose possession this prospectus comes, or who wish to acquire any Shares, must inform themselves about and observe any such restrictions. Any failure to comply with any of those restrictions may constitute a violation of the securities laws of the relevant jurisdiction. The Corporation does not accept any legal responsibility for any violation by any person, whether or not a prospective investor in the Shares, of any such restrictions. The Shares have not been and will not be registered under the United States Securities Act of 1933 as currently in effect. This prospectus contains information derived from third parties in the form of industry and market data, including information related to the sizes of the markets in which the Corporation participates, as well as data on mineral resources and reserves. The information has been extracted from a number of third party sources through methods believed to be reliable. Although the Corporation regards these sources as reliable, the information has not been independently verified and therefore it cannot be guaranteed that such information is accurate and complete. However, as far as the Corporation can ensure by comparison with other information made public by these sources, no information has been omitted in such a way as to render the information reproduced incorrect or misleading. In addition to the above, certain data in the prospectus is also derived from estimates made by the Corporation. This prospectus contains forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Corporation operates and involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward- looking statements include words or expressions such as “committed”, “evolve”, “become”, “pursuing”, “growth”, “opportunities”, “further”, “increase”, “accelerate”, “objectives”, “guidance”, “anticipate”, “estimated”, “payback” and other similar expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to achieve our goals, forecasts and vision, the ability to have expected payback periods on our investments, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits). You can find further information with respect to these risks in the “Risk Factors” section of this prospectus. SEMAFO disclaims any obligation to update or revise these forward-looking statements or any other information in the prospectus, unless specifically stated otherwise and except as required by applicable law. No person has been authorized to give any information or to make any representation not contained in this prospectus and, if given or made, such information or representation must not be relied upon as having been authorized by the Corporation. The delivery of this pro- spectus at any time does not imply that there has been no change in the Corporation’s business or affairs since the date hereof or that the information contained herein is correct as at any time subsequent to the date hereof. In the event of any material changes to the information in this prospectus during the period from the date of announcement to the first day of trading, such changes will be announced pursuant to the rules in the Trading Act, which governs the publication of prospectus supplements. Figures in this prospectus may have been rounded and tables may not always exactly sum up. Reference in this prospectus to the Corporation’s website does not imply that information on the website is incorporated in the prospectus. This prospectus is governed by Swedish law. The courts of Sweden have exclusive jurisdiction to settle any dispute arising out of or in connection with this prospectus. TABLE OF CONTENTS 4 Summary 10 Risk Factors 15 Background and Reasons for the Listing 16 Statement by the CEO 17 Information and Conditions Regarding the Listing 19 Industry Overview 21 Business of SEMAFO 30 Mineral Properties and Projects 56 Selected Consolidated Financial Information 58 Operating and Financial Review 70 Capital Structure, Indebtedness and Related Information 75 Information Incorporated by Reference in this Prospectus 76 Consent from the External Auditor 77 Transition to IFRS 83 Share Capital, Shareholders and Related Information 87 Corporate Governance 90 Board of Directors, Named Executive Officers and External Auditor 96 Legal Matters and Supplementary Information 97 Constitutive Documents and Legal Comparison 108 Taxation in Sweden 110 Glossary of Terms 114 Addresses SUMMARY SUMMARY This summary is only intended to be viewed as an introduction to the prospectus and highlights information that is presented in more detail in other sections of the prospectus. Each and every decision to purchase shares in the Corporation must be based on an assessment of the prospectus in its entirety. An investor who commences judicial proceedings as a consequence of information set forth in this prospectus may be forced to bear the cost of the translation of the prospectus in the relevant jurisdiction of such proceedings. A person may be held liable for information included in, or omitted from, the summary or a translation of the summary only if the summary or the translation is misleading or erroneous in relation to the other parts of the prospectus. The Listing Risk Factors The Shares are currently traded on the TSX under An investment in securities involves a significant degree of the symbol SMF and the ISIN-code for the Shares is risk. The Corporation’s business, results of operations or CA8169221089. The Shares are issued under Québec law in financial position may be adversely affected by a number of CAD and are traded on the TSX in CAD. risk factors which cannot be controlled by the Corporation. The Corporation has decided to apply for a secondary lis- Below, factors deemed to be of particular significance to the ting on NASDAQ OMX Stockholm under the symbol SMF. future prospects of the Corporation are listed. For a more The ISIN-code for the Shares will be CA8169221089. The detailed description of these and other risks, see section Shares to be listed on NASDAQ OMX Stockholm will be “Risk Factors”. The risks described therein should be con- traded in SEK and settled in SEK.