IronRidge Resources Ltd has filed an application for the company to trade on the OTC Market's OTCQX Best Market (OTCQX) trading platform in the USA, which will make IronRidge's shares more widely available to North American investors.
The company has identified a supporting broker and market maker and is completing the necessary regulatory documentation and application materials for submission to the OTC Market's compliance group.
Trading on the OTCQX market will have no impact on the trading of IronRidge's existing ordinary shares on AIM and no new ordinary shares will be issued as part of the cross-trade facility. IronRidge will continue to adhere to all regulatory requirements relating to its listing on the AIM market of the London Stock Exchange and will have no Sarbanes-Oxley or SEC reporting requirements.
The OTCQX is in the top tier of OTC markets and lists companies, including blue-chip level companies, which are not listed on traditional exchanges in the US. Companies listed on the OTCQX market have to follow certain rules and criteria and are subject to their home market regulation, in this instance the AIM market of the London Stock Exchange plc in the UK.
The company believes that listing on the OTCQX Market, under the ticker symbol ‘IRRLF’, is a natural step forward to address global lithium interest and will potentially provide enhanced investor benefits, including easier access in the US, and greater liquidity.
Vincent Mascolo, CEO of IronRidge, said: “Following our recent landmark partnership with Piedmont Lithium Inc., which will fully fund the company's standout Ewoyaa Lithium Project in Ghana to production for US$102 million, coupled with President Joe Biden's comments concerning the importance of lithium, we have started a process of inter-listing the company's shares in New York on the OTC Market's OTCQX trading platform which is a natural and beneficial step for the company and all shareholders. The Board looks forward to updating shareholders on progress in this respect in due course.”