Uranium explorer 92 Energy (ASX: 92E) has confirmed its ordinary shares will commence trading on the US OTCQX Best Market today – giving North American investors greater accessibility to its shares.
The company will operate using the ticker code ‘NTELF’.
According to 92 Energy, the OTCQX is the highest market tier of OTC exchanges, on which more than 10,000 US and global securities trade.
Eligibility for the OTC requires a demonstration of high financial standards, best practice corporate governance and compliance with US securities law and disclosure obligations.
92 Energy will retain a primary listing on the Australian Stock Exchange.
Enhanced visibility
92 Energy managing director Siobhan Lancaster said OTCQX trading would enhance the company’s visibility to North American retail and small institutional investors seeking direct exposure to the world’s most prolific uranium district.
“Our North American investors have a strong understanding of the high-grade nature of uranium discoveries and deposits in the Athabasca Basin,” she said.
“Those who are interested in our emerging GMZ discovery will now be able to purchase shares via the new trading platform in US time, and we expect it will greatly increase our visibility and their convenience.”
The company owns five uranium projects in the Athabasca Basin, including Gemini (which hosts the GMZ), Tower, Clover, Cypress and Powerline.
Pivotal time
The increased US market exposure comes at a pivotal time for 92 Energy, with recent winter assays from the newly-discovered Gemini Mineralised Zone (GMZ) in Canada’s Athabasca Basin showing nine out of 12 drill holes intersected uranium.
Notable results from the final assay batch were 8m at 2,526 parts per million uranium from 229m, including 1m at 7,820ppm uranium from 233.5m.
The current summer program has intersected a zone with the strongest grades seen to date at the GMZ, returning 41.6m at 5,000ppm uranium including 6.4m at 20,000ppm uranium.
