Elevate Uranium makes debut on US OTCQX market
Blackstone Minerals anticipates its OTCQB listing will raise awareness of its activities at Ta Khoa where it plans to produce critical materials for the South East Asian lithium-ion battery market.
Perth-based Elevate Uranium (ASX: EL8) has made its debut on the OTCQX market, giving its US investors real-time trading access to its ordinary shares.
The OTCQX is the top tier market of over-the-counter (or decentralised) markets in the US and is operated by OTC Market Group.
Upgrading to the OTCQX is considered an important step for companies seeking to provide transparent trading for their US retail and small institutional investors.
Investors are able to trade and settle in US hours and currency, allowing for greater visibility and accessibility of the company they are dealing with.
To qualify for the OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
Elevate will continue to use the Australian Stock Exchange as its primary trading house.
Trading on the OTCQX will allow the company to expand its US shareholder base, using Australian disclosure reporting rules and bypassing the regulatory requirements of a US exchange listing.
Expand the pool
Elevate managing director Murray Hill said the new listing would significantly expand the company’s pool of potential investors.
“Listing on the OTCQX is part of our ongoing strategy to introduce Elevate to a broader international audience,” he said.
“This milestone will provide us with wider access to the US investment community and an improved convenience in trading of our ordinary shares.”
Uranium resources
Elevate has uranium resources in the Northern Territory and Western Australia, and within the Erongo region in Namibia, and is making new discoveries through active exploration programs.
Last month, the company confirmed it had identified large bodies of shallow uranium mineralisation at its Koppies project in Namibia following a 4,700m resource definition drilling program.
The data will be incorporated into a maiden mineral resource estimate, due for release in the current quarter.
“This program has confirmed continuity of shallow, calcrete-hosted uranium mineralisation within broad palaeochannels,” Mr Hill said.
“We continue to be excited about further extensions to the Koppies palaeochannels and potential for additional mineralisation.”