CORRECTED-Borealis Exploration to list existing shares in Prague

Tue Jun 4, 2013 9:44am EDT
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(Clarifies company's domicile and origin)

PRAGUE, June 4 (Reuters) - Technology firm Borealis Exploration Limited will list existing shares on the Prague Stock Exchange (PSE), with trading due to begin on June 10, the PSE said on Tuesday.

Borealis, which is domiciled in Gibraltar but originally from Canada, will not offer new shares, the bourse said. It did not provide any further details.

Borealis shares already trade on the unregulated OTC market in the United States.

The technology company, which dates back to 1968 and originally concentrated on mineral exploration, is focussed on developing technologies for industrial uses.

The company has developed a hybrid-electric drive system for aircraft pushback and taxi operations, which has been tested at the Vaclav Havel Prague Airport.

"We have decided to list on the Prague Stock Exchange in order to provide our existing shareholders with a globally available and recognised platform for the public trading of the Borealis shares and to stimulate further development...," Borealis Chief Executive Rodney Cox said in a statement.

Czech company First Advantage is the listing agent, the PSE said. (Reporting by Jason Hovet; Editing by Mark Potter)